The latest London South East Webinar takes place on July 6. Come and hear CEO’s from Orosur Mining, Caledonia Mining, Glantus Holdings and Tekcapital speak. Please register here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAviva Share News (AV.)

Share Price Information for Aviva (AV.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 420.00
Bid: 420.70
Ask: 421.00
Change: 0.00 (0.00%)
Spread: 0.30 (0.07%)
Open: 421.50
High: 424.70
Low: 420.00
Yest. Close: 422.20
AV. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

UPDATE 3-Activist Bramson abandons tussle with Barclays, selling stake

Fri, 7th May 2021 07:29

(Adds investor comment, further context on Sherbone fund)

By John O'Donnell, Iain Withers and Carolyn Cohn

LONDON, May 7 (Reuters) - Activist investor Edward Bramson
has sold his firm's 6% stake in Barclays, 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 and Schroders
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.

Barclays declined to comment.

"Business is not a science and so people of goodwill may,
therefore, sometimes differ. In that spirit, Sherborne Investors
expresses its most sincere wish that things will turn out well
for Barclays, its employees, and its investors," Sherborne
Investors Management said in a statement.

One top 20 investor in Barclays, who declined to be named,
said a recent rally in Barclays' shares on investor bets of a
strong recovery from the COVID-19 pandemic had provided Bramson
with an exit route and predicted he would opt for a less complex
next target.

Barclays shares have fallen roughly 15% since Sherbone first
declared its stake in Barclays in March 2018.

The stock was up 2% on Friday.

'THE WAR IS OVER'

When Sherborne first invested, Barclays had been under
pressure to bolster profits after Staley's aggressive push in
investment banking since he joined in 2015 failed to
significantly lift returns.

Barclays was Bramson's largest target to date. He engineered
turnarounds at smaller firms including British private equity
firm Electra after forcing his way onto the board. But a bid by
Bramson for a board seat at Barclays was emphatically rejected
by shareholders in 2019.

A strong showing by the investment bank helped it weather
the COVID-19 pandemic, bolstering Staley's argument that it
needed a diversified business to cope in a recession.

"The war is over," wrote Ian Gordon, a banking analyst at
Investec.

"We sense that investor appetite for a further round of
heavy restructuring charges to execute such a repositioning of
the group was limited".

Bramson also urged Barclays' board to replace Staley after
the UK regulator said it was examining his links with Jeffrey
Epstein, but failed to win support.

Staley has said he regrets having a professional
relationship with Epstein, who killed himself while awaiting
trial on sex trafficking charges.

Sherborne initially invested 580 million pounds in Barclays'
shares and derivatives but the investment did little to lift its
fortunes.

The net asset value of the Sherborne fund is currently 79
pence per share, it said, compared to 99 pence in December 2017
before it made the Barclays investment.
($1 = 0.7183 pounds)
(Reporting By John O'Donnell in Frankfurt and Iain Withers and
Carolyn Cohn in London; editing by Rachel Armstrong and Elaine
Hardcastle)

More News

Consumer staples, healthcare stocks boost FTSE 100

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* FTSE 100 up 0.2%, FTSE 250 adds 0.1%June 15 (Reuters) - London's FTSE 100 index edged higher on Tuesday, lifted by gains in consumer stapl...

15 Jun 21 08:27

UPDATE 2-Aviva Investors' equities CIO Cumming to exit in shake-up

(Adds sources, background)By Carolyn CohnLONDON, June 14 (Reuters) - David Cumming, chief investment officer for equities at Aviva Investors, is to leave the firm, and other roles in the equity fund management team are also at risk, the fund manag...

14 Jun 21 08:11

Sunday newspaper round-up: Covid-19 restrictions, Airline industry, Aviva

(Sharecast News) - Britain will have a six-week window to open up in the summer or risk keeping Covid-19 restrictions in place until the spring, ministers fear. Boris Johnson on Saturday gave his clearest signal yet he is planning to delay a full return to normality for another month, as he said he wanted to give Covid-19 vaccines "extra legs" in "the race between the vaccines in the lockdowns". - Sunday Telegraph

13 Jun 21 11:42

UPDATE 2-British shares end lower as mining, financial stocks weigh

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Smith+Nephew climbs after Credit Suisse upgrades to 'outperform'* Wizz Air likely to fly more this summer - CEO* All eyes on ECB policy me...

9 Jun 21 09:33

Delta variant curbs UK equity fund flows in May-Calastone

LONDON, June 9 (Reuters) - Rising cases in Britain of the Delta variant of COVID-19 first detected in India discouraged investors from buying UK-focused equity funds in May, data from fund network Calastone showed on Wednesday.Flows into UK equity...

9 Jun 21 08:30

LONDON MARKET CLOSE: Stocks mixed; pound slips amid easing uncertainty

LONDON MARKET CLOSE: Stocks mixed; pound slips amid easing uncertainty

8 Jun 21 17:10

UPDATE 1-Generali drops out from NN's asset manager sale - sources

(Adds details)LONDON, June 8 (Reuters) - Italy's top insurer Assicurazioni Generali has dropped out of the race to buy the asset management arm of Dutch rival NN Group NV, two sources familiar with the matter told Reuters.Generali and Deutsche Ban...

8 Jun 21 13:13

Bank of England unveils climate stress tests for UK banks and insurers

Bank of England unveils climate stress tests for UK banks and insurers

8 Jun 21 12:06

LONDON MARKET MIDDAY: FTSE 100 outperforms after mixed eurozone data

LONDON MARKET MIDDAY: FTSE 100 outperforms after mixed eurozone data

8 Jun 21 12:05

Cevian Capital builds stake in Aviva in effort to secure bumper payout

Cevian Capital builds stake in Aviva in effort to secure bumper payout

8 Jun 21 11:16

UPDATE 2-FTSE 100 lifted by miners, travel stocks; earnings shine

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Intermediate Capital hits record high on jump in annual AUM* Aviva advances as activist investor Cevian takes 5% stake* FTSE 100 up 0.3%, ...

8 Jun 21 09:05

Aviva rallies as activist investor Cevian builds 5% stake

(Sharecast News) - Aviva shares rallied on Tuesday after activist investor Cevian Capital said it had built a 4.95% stake in the insurer and called on it to return £5bn to shareholders next year.

8 Jun 21 09:05

UPDATE 1-Bank of England launches climate stress test for banks and insurers

(Adds more detail)LONDON, June 8 (Reuters) - The Bank of England on Tuesday set out its first comprehensive stress test of the ability of the British financial system to cope with climate change, saying the results will not be used to determine ca...

8 Jun 21 08:59

Bank of England launches climate stress test for banks and insurers

LONDON, June 8 (Reuters) - The Bank of England on Tuesday set out its first stress test to check the financial system's ability to cope with climate change, saying the results will not be used to determine capital requirements.The test will scruti...

8 Jun 21 08:32

UPDATE 2-Activist Cevian takes Aviva stake, seeks 5 bln stg capital return

* Cevian seeks 500 mln stg in cost cuts* Stake build-up over several months-sources* Shares rise 3.3% (Adds shares, detail, background)By Carolyn CohnLONDON, June 8 (Reuters) - Activist investor Cevian Capital said Aviva should return 5 billion pou...

8 Jun 21 07:59

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.