Apr 25, 2018

Bramson’s activist fund boosts its Barclays stake

Edward Bramson's activist investment fund has increased its interest in Barclays ahead of a meeting with the British bank's chief executive that is due to be arranged after its quarterly results on Thursday. Sherborne, Mr Bramson's Guernsey-based investment vehicle, raised its holding from 5.16 per cent of its voting rights to 5.41 per cent, according to a filing by Barclays on Wednesday. Its directly held stake has risen from 1.94 per cent to 4.95 per cent, with the rest held via two types of derivatives known as contracts for difference and total return swaps. Mr Bramson spent last week in London meeting several large investors in his Guernsey-based fund and in Barclays. Excluding the cost of the US settlement, analysts expect it to more than double first-quarter net profits to £1bn and to increase revenues by 11 per cent to £5.6bn. Investors are expected to focus on Barclays's corporate and investment banking division, which Mr Staley is betting he can turn round after it was hit by a long period of low volatility in financial markets and a tightening of regulation on bank capital requirements.

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