Global financial services provider Barclays Bank has agreed to a management buyout of its private equity (PE) division, Pensions & Investments reports. The unit, Barclays Private Equity, will be spun off and its name changed to Equistone Partners Europe.
Equistone will carry on running its three existing funds which had garnered approximately €5.3 billion, of which about €1.9 billion was committed by Barclays. The London-headquartered bank will retain its investments in the funds. The deal is not expected to significantly affect Barclays’ earnings per share or capital ratios.
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