Sherborne Investors, Bramson’s New York-based investment vehicle, said it was selling the stake to focus on a new unnamed investment target instead.
The British-born lawyer first took a stake in Barclays in 2018, criticising Barclays’ underperforming investment bank and saying its strategy had failed to benefit shareholders.
“Sherborne Investors has informed the company that it believes that the risk of and rewards from a new investment opportunity that it has identified offers a better return to the company’s shareholders than a continuing investment in Barclays,” it said.
The scale of his stake made him the third-largest shareholder in Barclays, after the investment fund BlackRock and Qatar’s sovereign wealth fund, but his plans failed to gain much traction with other investors. In 2019, fewer than 13% of shareholders voted in favour of a resolution to have Bramson appointed to the board of Barclays.