Barclays Bank has announced that it is to acquire Gerrard Management Services from Old Mutual, in a deal worth £210m. The purchase means that Barclays will become the UK's biggest private-client stockbroker.
The Gerrard deal will bring around 116,000 accounts and assets worth £12.5bn into the Barclays fold and will help further the bank's plans to provide a fully integrated wealth management service to clients. Around 1,200 Gerrard staff around the UK are thought likely to initially transition to Barclays. Barclays has, however, apparently refused to comment about the possibility of future redundancies.
The cash will come in handy for Old Mutual, as the group is building up a war-chest to expand into the UK insurance or asset management markets.