Before the move to develop its wealth business in 2006, Barclays’ offering consisted of a handful of disconnected international businesses dotted around Hong Kong, Geneva and Monaco, and a UK presence that was seen to cater predominantly to the mass affluent.
Since then, however, the business has evolved into a global competitor that targets clients with more than $5 million in assets, and in some regions more than $10 million. It now has a presence in 20 countries, and has risen to become ranked the 10th-best global private bank in the Euromoney private banking survey.
Its ability to reinvent itself as a global wealth manager was born of a big investment in the business – an expensive undertaking that Barclays has remained committed to in spite of the downturn. Some £350 million ($545 million) is to be invested over five years, frontloaded in 2010, 2011 and this year as part of Project Gamma. Two-thirds of the investment is dedicated to building infrastructure and the remainder to adding staff.
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| Tom Kalaris, Barclays Wealth |
Tom Kalaris, chief executive of Barclays Wealth, who was appointed to head the expansion of the business in 2006, says that it was crucial to the entire Barclays franchise, and a natural progression for the firm.
