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Report: Bramson pitched Barclays i-bank spin-off to Old Mutual Global Investors

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Report: Bramson pitched Barclays i-bank spin-off to Old Mutual Global Investors

Activist investor Edward Bramson met with Old Mutual Global Investors (UK) Ltd. in April to discuss his plans to shake up Barclays Plc's investment bank, Financial News reported May 10, citing people familiar with the matter.

Bramson met CEO Richard Buxton to discuss his plans, which reportedly could include a divestment of the investment banking business. Old Mutual Global Investors, however, felt that a spin-off would be too casual an approach, and the two sides disagreed on the state of the investment bank, according to the report.

Bramson met leading institutional investors in the week of April 9 and on April 16, discussing proposals that he is likely to put to board members in May. Bramson has built up a more than 5% voting stake in Barclays worth nearly £2 billion via his Sherbourne investment vehicle, while Old Mutual Global Investors owns 0.31% of the bank.