British banking giant Barclays is reportedly in advanced talks to sell its private equity arm that invests in energy and commodity companies to the unit’s management.
The move comes after the bank failed to find a suitable buyer for Barclays Natural Resources Investment, which was included into the bank’s non-core unit last year, Sky News reported.
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The bank had earlier intended to sell the entire portfolio of the unit and its management team, which is led by CEO Mark Brown.
Following the planned buyout, the unit is expected to rebrand as Global Natural Resource Investment and relocate into new offices.
The unit will however, continue to manage the 17 investments in its portfolio on behalf of the bank.
Barclays Natural Resources Investment focuses on upstream oil and gas, upstream mining, associated services businesses, as well as power and renewables.
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