Ex-Barclays chief Diamond eyes bid for wealth giant
Written by Hit Music Radio News on 15/11/2021
Bob Diamond, the former Barclays chief executive, is plotting a takeover bid for the parent company of RL360, a major financial services provider to offshore clients.
Sky News has learnt that Atlas Merchant Capital, Mr Diamond’s investment firm, is among a pack of parties sizing up bids for IFGL, a private equity-backed company.
IFGL owns brands such as RL360 and Friends Provident, which were acquired at various points during the last eight years by Vitruvian Partners.
Vitruvian has appointed bankers at Evercore to oversee a sale of IFGL, according to City insiders.
The valuation of the business was unclear on Monday, although several people involved in the process indicated that it was likely to be in the range of £400m to £500m.
Atlas Merchant Capital’s interest in IFGL marks a comparatively rare entrance into an auction process for Mr Diamond.
Since leaving Barclays in the aftermath of the Libor rate-rigging scandal in 2012, Mr Diamond has assembled a portfolio of investments, including Panmure Gordon, the London-based investment bank, and Circle, a global fintech firm.
Barclays’ two subsequent chief executives have left the bank in ignominious circumstances: Antony Jenkins was ousted by the board in 2015 amid dissatisfaction over the pace of its turnaround.
Earlier this month, Jes Staley resigned to contest the findings of a regulatory probe into how he characterised his relationship with Jeffrey Epstein, the sex offender.
A spokesman for Mr Diamond’s firm declined to comment on Monday, while Vitruvian did not respond to calls seeking comment.
© Sky News 2020