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Sherborne sticks firm to Barclays revamp plan despite plunging NAV

FILE PHOTO: A Barclays sign outside one of the bank's London branches

LONDON (Reuters) – 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)

(This story corrects NAV percentage change in first paragraph.)

(Reporting By Sinead Cruise; editing by Simon Jessop)

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