Sherborne sticks firm to Barclays revamp plan despite plunging NAV

LONDON (Reuters) – Activist Sherborne Investors has committed to pursuing a shake-up in the management and strategy at Barclays , despite posting a 56% 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 , Schroders and Jupiter Asset Management , 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.

(Reporting By Sinead Cruise; editing by Simon Jessop)