Barclays says it is buying startup investment bank Institutional Venture Capital

Barclays is buying Institutional Ventures (IVV), a fund focused on investing in startups.

The investment firm was founded in 2005, but was previously owned by Barclays.

The new fund will invest in a number of companies, including those founded by Barclays’ former chief executive, Mark Carney, and his wife Mary.

Barclays’ former head of investment, Ben Goggin, who was sacked in November, said the new fund was “designed to deliver more equity and more opportunities to our investment banking team”.

Barclaries’ board has also voted to extend the terms of its previous investment advisory and advisory business for another two years, to March 2019.