Barclays

Greater China region continues to be a focus in 2012

Barclays Wealth, the global wealth management division of Barclays PLC, has seen interest in its private investment banking services increase four fold among its Greater China clients, especially with the rapid rate of wealth creation across the region. The company will continue to focus on Greater China as part of its overall key Asia Pacific markets strategy in 2012, as it seeks to more than double its assets under management in the sub-region in the next three years.

The rate of wealth creation is fuelling the growth of the high net worth population, with China, Hong Kong and Taiwan seeing double-digit annual growth (in percentage terms) in the number of wealthy individuals. Many of these individuals are entrepreneurs, and demand not just personal wealth management services but also financial solutions for their business needs.

Barclays Wealth sees itself as having a particularly strong edge in this space, being able to tap into the capabilities of the Barclays Group. Over the last two years, Barclays Wealth has built a range of offerings to cater to the complex needs of ultra high net worth clients, introducing bespoke solutions in credit, derivatives, foreign exchange and trust structuring, to unlock the value from often complex investment and business portfolios, and help clients to monetise the full worth of their assets.

Mr. Pakorn Boonya-kurkul, Head of North Asia, Barclays Wealth, said, "We offer our ultra high net worth clients the necessary fund raising options needed for expansion, and make available our in-house experts who advise them on the various strategies available as they seek to grow their businesses. We provide our clients a private-investment bank model, with our private bankers representing a single point of entry for them to draw on the capabilities of Barclays Group, where we offer an array of services including capital-raising activities, access to sector specialists and advisors, as well as institutional trading platforms.

In line with this growing client demand, Barclays Wealth has also put in place plans to up the ante on serving Greater China clients. In addition to expanding its team of Hong Kong-based bankers, Barclays Wealth is in the midst of setting up a Greater China desk based out of Singapore, to better meet the needs of clients from Greater China.

Mr. Boonya-kurkul said, "We have hired and continue to be on the look out for senior bankers based in both Hong Kong and Singapore, as we ramp up our presence in Asia and better serve our Greater China clients. Hong Kong continues to be a key centre for us, while there is a strategic rationale for establishing a Greater China desk in Singapore to complement our well established presence in Hong Kong. This presents us the platforms for offering Greater China clients with choices for doing business with a Hong-Kong based or Singapore-based wealth manager. At the same time, it provides us the opportunity to tap on the deep private banking talent pool in both financial centres."

In Asia, Barclays Wealth has been successful in its strategy of hiring senior bankers for the past few years. Currently, close to 50 per cent of Barclays Wealth bankers in Hong Kong are at the Managing Director and Director level (the two most senior levels in the bank), and they bring to clients more than 15 years of wealth management experience and having advised clients through a series of economic crises. This hiring strategy continues to be a focus for Barclays Wealth in Hong Kong, as it plays on its strengths of being a growing wealth manager in Greater China backed by an international brand, network and expertise.

"Barclays Wealth continues to be committed to hiring quality senior candidates, who share our passion for delivering quality in wealth management. With over 300 years of history and expertise in banking, we offer to employees the prestige of a strong global brand alongside an entrepreneurial "start-up" environment given that we are a growing player in the Greater China market. Employees especially value the peace of mind they get from working at a rock solid bank, which is well placed to face the economic challenges of today with our strong funding, capital and liquidity position," commented Boonya-kurkul.

For further information contact:

Gan Lee Meng, Barclays Wealth, Corporate Communications
+65 6308 3772

Eugenia Koh, Barclays Wealth, Corporate Communications
+65 6308 2951

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