Sherborne sticks firm to Barclays revamp plan despite plunging NAV

Business

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)