Today we have learned that Barclays has continued its efforts to repair its balance sheet without any Government aid. Barclays appear to have agreed the sale of a subsidiary fund management business, Barclays Global Investors (BGI), to Blackrock – who many will know formerly as Merrill Lynch.

The sale is reported to have generated a price of £8.2bn and there are likely to be considerable benefits to shareholders of BGI (many of whom are staff). The “merger” is expected to be completed by January 2010. BGI have been fairly instrumental in product innovation, particularly developing i-shares which are a form of market index funds. They have deep banking roots and are also significant players at the Gilt & Fixed Interest end of the investment spectrum. Blackrock are growing in global stature and this is likely to make a very good addition to their investment product range.

Friday, 12 June 2009

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