SIGB Sherborne Investors (guernsey) B Limited

By Adam Clark

The investment vehicle of activist investor Edward Bramson said Wednesday that it is pushing Barclays PLC (BARC.LN) to look for a new chairman to replace John McFarlane in a new phase of its campaign to shake up the lender.

Sherborne Investors (Guernsey) C Ltd. said in its own half-year results that the fund is in talks with Barclay over the search process for a new chairman, and what the mandate of the new appointee would be.

Sherborne said it is also engaging with Barclays over its capital allocation, quality of earnings, capital adequacy, and cost structure.

"The investment manager believes that addressing these matters could improve Barclays' financial strength and its long-term competitive position, leading to an increase in shareholder value," said Sherborne.

Mr. McFarlane said in May that he had asked the board to search for his replacement, but pledged to serve at least another year as chair. Barclays declined to comment to Dow Jones Newswires.

In March, Sherborne-run funds collectively disclosed a 5.2% stake in Barclays, which has since increased to 5.4%. Subsequently Mr. Bramson has reportedly pressured the lender to cut back on its investment banking activities to free up capital, although Sherborne hasn't publicly released its preferred strategy.

Sherborne said in its half-year statement that it will remain in dialogue with Barclays "for as long as it appears to be appropriate to do so."

Mr. McFarlane joined Barclays in 2015, when he said he wanted to see the bank's stock price double in three years, when it stood at around 260 pence. Barclays shares closed up 2% at 193.12 pence on Wednesday.

Write to Adam Clark at adam.clark@dowjones.com

(END) Dow Jones Newswires

August 08, 2018 11:55 ET (15:55 GMT)

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