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Company News

Sherborne sticks firm to Barclays revamp plan despite plunging NAV

FILE PHOTO: A Barclays sign outside one of the bank's branches in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth

LONDON (Reuters) - Activist Sherborne Investors SIGC.L has committed to pursuing a shake-up in the management and strategy at Barclays BARC.L, despite posting a 36% fall in its net asset value (NAV) in the last six months to 351 million pounds ($459.32 million).

The investment vehicle, which is backed by several major British fund firms including Aviva AV.L, Schroders SDR.L and Jupiter Asset Management JUP.L, said it would continue its dialogue with Barclays "for as long as it appears to be appropriate to do so".

The investor said it currently holds a 5.9% stake in the lender following recent stock purchases. The Barclays share price has fallen by around 36% in the six months to June 30.

($1 = 0.7642 pounds)

(This story corrects NAV percentage change in first paragraph.)

Reporting By Sinead Cruise; editing by Simon Jessop

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