UK- Barclays is in exclusive talks with private equity firm CVC Capital Partners over the sale of its exchange traded fund business iShares, a source close to the deal says.
However the source said the sale was not expected to include the securities lending business of iShares' parent company Barclays Global Investors in San Francisco.
The source added Barclays would retain a 20% exposure through warrants.
Barclays spokeswoman Sarah MacDonald declined to comment as did officials at CVC.
Other bidders had included a consortium led by US private equity firm Hellman & Friedman including Apax Partners and separately, private equity investor Bain Capital. Goldman Sachs is also understood to have been interested in the business.
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