Barclays Sale Could See Executives Cash In

Hundreds of Barclays executives could be in line for multimillion-pound windfalls if the bank sells its entire asset management business, reports suggest.The bank announced the £3bn sale of its iShares division ofBarclays Global Investors (BGI) to private equity firm CVC last week.But the deal is not set in stone yet - as the contract allows Barclays to seek rival offers until June 18.It is understood the bank could receive bids for the entire BGI business during this period.The Times reported that a price tag of between £7bn and £8bn has been mooted for BGI, which would significantly increase the payouts for hundreds of bank staff who are already looking at big benefits from the iShares sale.Barclays president Bob Diamond and more than 200 executives own 4.5% of BGI through an arrangement approved by Barclays shareholders in 2000.Mr Diamond, who has 300,000 shares and options in BGI, is already in line for a payout of up to £4.7m from the iShares deal.The Times said Mr Diamond would not take part in any sale negotiations.It is understood Barclays Capital, the investment banking arm, would organise the search for a better price.Barclays, which has not formally put BGI up for offer, have declined to comment on the reports.BGI had around £1 trillion of assets under management at the end of last year, while the iShares division had £226bn.