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Barclays to sell fiduciary unit

img_0062Barclays is said to be planning to sell its offshore fiduciary services division. The UK bank has hired advisers to sell the business, which provides fiduciary services to high net worth clients and corporations, three of the people said. The company has annual earnings before interest, tax, depreciation and amortisation of roughly £12 million, and could fetch more than £100 million at auction. The sale is expected to attract interest from private equity firms. Barclays acquired the company, which was previously known as Walbrook Group, from the private equity arm of asset manager Hermes in 2007 for an undisclosed sum and integrated the business into its wealth advisory division. At the time of the deal, Walbrook had £8.6 billion under administration and management, and about 200 employees.

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