Barclays is building out
its wealth advisory business, increasing its employee solutions
(C&ES) unit launched in the UK last year, and focusing its
Asian offering around its Singapore business.
“South Asia is a major
growth area and focus for Barclays Wealth and Investment Management
(WIM) and Singapore’s strategic location is a natural home for our
Asia business,” said Rob Withecombe, global head of wealth advisory
at Barclays, in an interview with PBI.
Go deeper with GlobalData
“Given this backdrop, it is a natural location for investment in
wealth advisory resources as we find our clients look to us for
wealth structuring advice,” he said.
Barclays WIM unit has
more than 30 bankers in North Asia and almost 70 bankers in South
Asia.
The 2012 hiring plan is
to have over 50 bankers in North Asia and just over 80 in South
Asia.
Its wealth advisory
practice is noticeably smaller; with four wealth advisers in Hong
Kong and three in Singapore, but globally the unit has been
expanding steadily.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe 470-strong wealth
advisory unit is targeting growth in pre-tax profit of more than
35% between 2011 to 2014.
Building global
advice capability
It is three years since Withecombe took over the wealth advisory
business and it now operates in 12 jurisdictions: the UK, Jersey,
the Isle of Man, Guernsey, Geneva, Cayman, Hong Kong, Singapore,
India, the US, Monaco and Dubai.
Prior to his time at
Barclays, Withecombe was head of tax at consultancy Grant Thornton
UK from 2006 to 2009.
In the past 12 months, he
has boosted the senior leadership of the bank’s wealth advisory
team with the notable hires of Deepak Malhotra earlier this year
and Andrew Tailby-Faulkes in July 2011.
In February this year,
the bank extended its wealth advisory services to Monaco as part of
its increased focus on high net worth and ultra high net worth
clients in the principality.
Barclays wealth advisory
established a limited company in Monaco and appointed Simon Morris
to lead the service for Monegasque residents.
Corporate and
employee solutions?
One of its interesting approaches to wealth advisory services is
its corporate and C&ES unit, launched in the UK in early
2011.
Withecombe explained the thinking behind the unit, which is
formed from a combination of businesses within Barclays group.
He said typically
entrepreneurs want to talk to banks about three things: credit,
what a bank can do for their business and their personal
investments.
Often, entrepreneurs are
eager to talk about their business, but are much less eager to
discuss their personal wealth.
Withecombe said the
C&ES service gives Barclays something to talk to their clients
about in the context of their business.
The bank is well
positioned to have these conversations as it claims to have a
quarter of UK corporates as clients.
Barclays can discuss
retention of key staff or succession planning with their clients,
while also gaining access to further discussions with staff about
their financial planning.
These discussions help
Barclays get to know its clients better, which then potentially
leads to discussion of their personal wealth.
The unit is UK-based,
with a plan to roll it out to other markets as the UK business
begins to mature.
The C&ES business has had a strong start. In 2012, it is
forecast to almost double the revenue of the former disparate
Barclays businesses it was formed out of.
