Barclays

Activist Bramson abandons tussle with Barclays, selling stake

Barclays (LON:BARC) DOWN 1.31% AT 318.36

Activist investor Edward Bramson has sold his firm’s 6% stake in Barclays (LON:BARC), disbanding a three-year effort to overhaul the British bank and ending a stand-off with chief executive Jes Staley.

Bramson’s fund, Sherborne Investors, had pressured Staley since 2018 to scale back investment banking and demanded his removal over his links to U.S. financier and registered sex offender Jeffrey Epstein, but Bramson struggled to gain much traction.

The value of the Sherborne vehicle dedicated to the Barclays stake has fallen by around 150 million pounds ($209 million) compared to the 700 million pounds it raised when it was formed in 2017.

The fund, in which UK asset managers Aviva (LON:AV) and Schroders (LON:SDR) have stakes, said it had identified another company to invest in and has begun building a position in that firm, which it did not name.

On technical fronts Barclays (LON:BARC) RSI stood at 64.17 and currently stock is trading Above All Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: Barclays (LON:BARC) – BUY: 182.28, TARGET: 190.72, STOP LOSS: 164.64

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