02 Dec '11, 4am
Barclays Wealth plans to expand in Asia by 2014
Barclays Wealth plans to ramp up headcount and raise assets under management (AUM) to 30 to 40 billion pounds (S$60.44 to S$80.58 billion) in Asia by 2014. It is targeting to add 40 to 60 senior private bankers across its Asia offices of Singapore and Hong Kong, said chief executive Tom Kalaris. 'We are focused on hiring in a very tight labour market, hiring senior bankers,' he said. Senior bankers have more than 15 years experience, he added. The expansion is a continuation of the 350-million pound investment programme - known as Project Gamma - announced by the British private bank in 2010 to grow its global AUM from 170 billion pounds to 290 billion pounds by 2014 through investments in infrastructure and hiring. The bank expects to grow its AUM by 30 per cent in Asia over the next three years, in the markets of Greater China, India and Indonesia.