May 12, 2010

Barclays Wealth Adds an Advisor in Florida Office

Boutique firm now has 250 FAs and more than $240 billion AUM

Barclays Wealth has tapped a former JP Morgan advisor, Gary Krieger, to serve as a director and investment representative in its Palm Beach, Fla., office.

Krieger worked at JP Morgan for almost 12 years in Palm Beach and San Francisco.

"It is an exciting time to be joining Barclays Wealth as it expands in the Americas," he said in a statement. "I look forward to using the broad and deep capabilities of the Barclays Wealth platform to help my clients achieve their goals."

The growing firm now has about 250 advisors and more than $240 billion in assets under management. It includes 14 offices across the United States and Latin America that focus on high net worth individuals and families.

"Barclays Wealth is committed to ensuring our clients benefit from the private wealth management expertise of all of our investment representatives, and we welcome Mr. Krieger to the Palm Beach team," said Jack Petersen, head of wealth management for the Americas.

Barclays acquired Lehman Brothers' private investment management business in September 2008 and has been using the group as a foundation for building this business in United States and Latin America.

Following the December 2009 merger of BlackRock and Barclays Global lnvestors, including the latter's market-leading iShares ETF business, Barclays maintains a 19.9 percent stake in the combined firm.

Since last July, managing director Mitch Cox, head of the global investment & product office, has been at the helm of the vigorous build-out. Previously he was with Merrill Lynch for 12 years and before that, the private bank of the Bankers Trust Co.

Several months ago, Cox helped Barclays hire a regional manager -- Linda Willis Eydt, formerly with UBS -- to grow its Southeast business. She is based in Atlanta.

Last year, Barclays Wealth hired 50 investment representatives. This year, it aims to add at least 100. Earlier this year, a Barclays source said the firm targets professionals producing about $2 million annually.

(Jane Wollman Rusoff contributed to this report.)

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