June 16, 2010

Barclays Wealth Adds Two Advisors From Morgan Stanley

Barclays Wealth, which bought part of Lehman Brothers, now has about 250 advisors in the Americas

Barclays Wealth said it hired Don Milich and Clifford Wang, both formerly of Morgan Stanley, to work in the firm's Atlanta office.

In early June, Barclays Wealth named a new head of its wealth management efforts in the Americas: former-Merrill Lynch executive Steve Houston.

Barclays Wealth has about 250 advisors (or investment representatives) in the United States and Latin America, and a total of 1,680 FAs worldwide. Total assets under management were about $240 billion as of December 31, 2009.

Houston reports to Mitch Cox, head of Barclays Wealth-Americas, and global research and investments for all of Barclays Wealth. (Cox is also a Merrill Lynch veteran.)

The two recent hires in Atlanta will report to Linda Eydt, regional manager, who was hired in January from UBS.

"We are pleased to have Don and Clifford join our Atlanta office," said Cox in a statement. "With over 35 combined years of experience in the Southeast, they have a deep understanding of the regional business."

Barclays tapped a former-JPMorgan advisor, Gary Krieger last month to serve as a director and investment representative in its Palm Beach, Fla., office.

The firm has 14 offices in the Americas.

Since last July, Cox has been at the leading a vigorous build-out. In 2009, Barclays Wealth hired 50 advisors. It aims to add at least 100 in 2010.

Earlier this year, a Barclays source said the firm targets professionals producing about $2 million annually.

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 Barclay's market-leading iShares ETF business, Barclays has maintained a 19.9 percent stake in the combined firm.

Jane Wollman Rusoff contributed to this report.

Reprints Discuss this story
This is where the comments go.