Barclays bids for TD Direct to rival Hargreaves Lansdown

Barclays-Cash-Machines-2012-700x450.jpgBarclays has emerged as a surprise bidder for stockbroking firm TD Direct Investing in a bid to rival retail investing giant Hargreaves Lansdown.

Sky News has reported that Barclays has put in a bid for the TD business and is among a small number of firms bidding for the business. TD Direct Investing is being sold off by parent company TD Bank.

Barclays has an existing stockbroking business, Barclays Stockbrockers, and is expected to merge TD Direct’s 200,000 clients into this business.

Barclays appointed a new chief executive last year, hiring former JP Morgan boss Jes Staley, and this would be the business’s first acquisition since his appointment.

Late last year Barclays was handed a £72m fine by the FCA for failing to minimise the risk the bank could be used to facilitate crime. It was the largest fine ever imposed by the regulator, or its predecessor, for financial crime failings.

Fund Strategy also recently reported Barclays Wealth will launch an “affluent platform” this year for passive clients with simple investment needs starting at £50,000.