Matt Barrett, chief executive of Barclays, will not be selling off the UK banking group's asset management business that saw half-year profits soar by 60%.

Barclays Global Investors (BGI) made £60m (€95.3m) before tax in the year to end of June, up from £37m in 2001. Assets fell by 6% to £500bn, largely due to negative market and exchange rate translation movements, but fees and commissions were up 11% for the half year.