Bloomberg: Barclays To Sell Natural Resource Unit, Names Posternack M&A Chief

By RTT News, 
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Bloomberg: Barclays To Sell Natural Resource Unit, Names Posternack M&A Chief


(RTTNews.com) - British lender Barclays plc (BCS, BARC.L) has appointed Gary Posternack as its new global head of mergers and acquisitions, and named Reid Marsh as co-head of investment banking in Asia-Pacific, according to media reports on Tuesday.

Meanwhile, Bloomberg reported, citing three people with knowledge of the matter, that Barclays plans to sell its natural resource-focused private equity unit.

Posternack, aged 47, had previously been head of mergers and acquisitions for the Americas and will continue to be based in New York. He joined Barclays in 2008 when the company acquired the bulk of Lehman Brothers' North American operations amid the financial crisis.

Meanwhile, Reid Marsh, the vice chairman of investment banking and chairman of Barclays global industrials group, will reportedly become co-head of Barclays' investment bank for the Asia-Pacific region. He will relocate from London to Hong Kong.

Marsh, who joined the bank in 2010 from Citigroup, will replace Matthew Ginsburg, who stepped down in May as head of the Asia investment bank.

Mark Warham, head of mergers and acquisitions in the Europe, the Middle East and Africa, is said to be leaving Barclays for a senior banking role elsewhere. He will reportedly be succeeded by Matthew Ponsonby, who will take on responsibility for the EMEA region, in addition to his current role as global chief operating officer of investment banking.

Ponsonby, aged 49, had previously been co-head of European M&A until 2013, when he was named global chief operating officer of investment banking.

Bloomberg reported, citing three people with knowledge of the matter, that Barclays plans to sell its natural resource-focused private equity unit and has hired an adviser. A deal may value Barclays Natural Resource Investments or BNRI between $1 billion and $1.4 billion.

In addition to the bank's capital, BNRI also reportedly manages about 230 million pounds on behalf of other investors. The unit is said to have invested about $2 billion in more than 20 companies since it was formed in 2006.

BCS closed Tuesday's trading at $14.70, down $0.25 or 1.67 percent on a volume of 7.90 million shares.

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