LONDON, April 13 (KUNA) -- Hundreds of Barclays executives could be in line for multimillion-pound windfalls if the bank sells its entire asset management business, it was reported here Monday.

The bank announced the 3 billion pounds sale of the "iShares" division of Barclays Global Investors (BGI) to private equity firm CVC last week.

But the deal includes a contractual "go shop" agreement which allows Barclays to seek rival offers until June 18 and it is understood the bank could receive bids for the entire business during this period.

The Times newspaper reported that a price tag of between 7 billion pounds and 8 billion pounds has been mooted for BGI, which would significantly increase the payouts for hundreds of bank staff who are already looking at big benefits from the "iShares" sale.

Under the bank's share investment scheme, Barclays president Bob Diamond and more than 200 executives own 4.5% of BGI through an arrangement approved by Barclays shareholders in 2000.

Diamond, who has 300,000 shares and options in BGI, is already in line for a payout of up to 4.7 million pounds from the "iShares" deal.

The Times said Diamond would not take part in any sale negotiations.

It is understood Barclays Capital, the investment banking arm, would organise the search for a better price.

Trade buyers, rather than private equity firms, are thought more likely to make offers for the whole BGI business.

Barclays, which has not formally put BGI up for offer. declined to comment on the reports today.

BGI had around one trillion pounds of assets under management at the end of last year, while the iShares division had 226 billion pounds.

The sale of iShares will boost Barclays' equity tier one ratio - a key measure of its capital strength - to 7.2%.

Barclays did not participate in the UK Government's banking bail-out last year and instead raised about 7 billion pounds, mostly from Middle Eastern investors, to bolster its capital position.

Its 2008 profits were down 14% to 6.1 billion pounds and it notched up 8 billion pounds in writedowns and impairment charges.