STRATEGY
Barclays looks to grow in Asia
Go deeper with GlobalData
Barclays Wealth has focused its search for potential acquisitions,
saying it has a preference for expansion in Asia, according to CEO
Thomas L Kalaris.
The business confirmed itself as a global wealth player last year
with the $250 million acquisition of Lehman Brothers’ Private
Investment Management business, part of the failed investment
bank’s capital markets operations.
Kalaris first indicated his willingness for Barclays Wealth to be a
consolidator in December 2008 in an interview with Private Banker
International (see PBI 243).
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By GlobalDataREGULATION
Brazil private banks shuttered
Private banks in Brazil have been closing representative offices
under pressure from the country’s central bank.
According to a Reuters report, the move came after Federal Police
probes on tax evasion, illegal money transfer and racketeering,
which had led to arrests at Credit Suisse, UBS and AIG Private
Bank.
Reuters claimed UBS, AIG Private Bank, Merrill Lynch, Credit Suisse
and its Clariden Leu subsidiary all closed representative offices
in the country.
PEOPLE
Glassman top female adviser in US
Thirty-two of the top 100 female financial advisers in the US work
for Bank of America/Merrill Lynch, according to a list drawn up by
Barron’s. The rankings were based on each adviser’s book of
business, level of revenue generated and the quality of service
provided.
Merrill’s Saly Glassman, 50, with assets under management of $1.65
billion, was number one on the list.
“My job is helping a client to imagine what their life could look
like, and then helping them accomplish it,” she said.
PRODUCTS
ETF product a hit at Barclays
Barclays Wealth’s Global Beta product has reached £200 million
($325 million) in client money since launch in August 2008, and is
now growing at £40 million a month. The product is a range of
index-based investment funds built on exchange-traded funds,
providing global market exposure.
There are five global beta portfolios corresponding to different
risk profiles.
“Passive investment solutions… are increasingly attractive to
investors, who seem to prefer the certainty of index-based returns
to the possibility of outperforming,” said Thomas Fekete, head of
investment products at Barclays Wealth.
