barclays-combines-units-to-build-wealth-management-in-asia

Barclays combines units to build wealth management in Asia

Mumbai next stop as the group leverages the capabilities of BGI and Barclays Capital.

Jame DiBiasio

January 08, 2007

Barclays Group has decided to aggressively build its private-banking business in Asia and is opening an office in Mumbai to service IndiaÆs growing onshore market.

ôIn Asia weÆre linking more closely to Barclays Capital and Barclays Global Investors,ö explains Thomas Kalaris, the London-based CEO of Barclays Wealth. The initiative comes from the top, pushed by Bob Diamond, the head of the group.

The firm will concentrate on Europe and Asia ex-Japan, as it deems Japan highly regulated, and the United StatesÆ market mature and highly competitive.

Unlike its bigger competitors, Barclays Wealth lacks a retail bank-anchored distribution channel. The regional wealth business will therefore be the responsibility of Robert Morrice, Asia-Pacific chairman and CEO of...

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