The $13.5bn (£8.2bn, €9.6bn) deal between BlackRock and Barclays Global Investors announced last week will bring in much needed cash ($6.6bn) for Barclays, BGI’s parent, and hand BlackRock an entrée to the passive strategy business.

Barclays will retain a 19.9 per cent equity stake in the combined business, to be called BlackRock Global Investors, and enjoy an ongoing commercial relationship with the company.