Barclays to sell stake in asset manager Blackrock

Barclays is to sell its stake in US asset management firm Blackrock, which is worth $6.1bn (£3.8bn).

Barclays acquired the 19.6% stake in Blackrock three years ago, when it sold its asset management business to Blackrock.

Barclays will sell the stake in a share sale in which Blackrock has already agreed to invest £632m ($1bn).

Late last year, Barclays reduced the value of the stake on its balance sheet by £1.8bn.

Source & Image : BBC