3i Group buys Barclays Infrastructure Funds Management

11th Nov 2013 09:22

Private equity firm 3i Group has completed the acquisition of Barclays Infrastructure Funds Management Limited, the bank's European infrastructure fund management business.Barclays Infrastructure Funds Management Limited will be renamed 3i BIFM Limited and will be incorporated into 3i's existing infrastructure investment business led by Managing Partner Cressida Hogg.The business manages two active unlisted funds that invest in UK and European Public-Private Partnership and energy projects and has assets under management of approximately £780m."The completion of this acquisition represents a significant milestone in the implementation of 3i's strategy, demonstrating 3i's commitment to the growth of its infrastructure business and reaffirming its objective to increase third-party fee income by growing assets under management," the company said in a statement on Monday.Shares in 3i were down 0.37% to 132.90p at 09:34.RD