September 20, 2010

Barclays Wealth Hires UBS Banking Chief

David Lewis reports to Paul Morton, managing director and head of capital markets, operating platforms and business development.

Barclays Wealth is continuing its hiring spree of financial advisors and executives with Monday's announced appointment of David Lewis as managing director and head of banking for the Americas. Lewis was previously head of banking products for the Americas at UBS.

Lewis is now responsible for Barclays Wealth's regional-banking platform, which includes cash management, credit and debit cards, transactional banking, savings accounts and client household programs. He reports to Paul Morton, managing director and head of capital markets, operating platforms and business development.

"We are excited to welcome someone with Mr. Lewis's expertise and experience to this role," said Mitch Cox, head of Barclays Wealth in the Americas and head of research and investments for the firm globally, in a press release. "Barclays Wealth's expansion of its credit and banking platform in the Americas is a part of our dedication to meeting the needs of high net worth individuals."

(Cox joined Barclays Wealth in July 2009 from Bank of America-Merrill Lynch.)

"It is exciting to join Barclays Wealth at a time when they are so invested in the growth of the banking business," Lewis said in a statement. "I look forward to utilizing my banking expertise to help develop a best-in-class offering that meets the needs of our high net worth clientele."

Barclays Wealth defines high net worth as having $10 million in investible assets or more. It has about 250 financial advisors, or investment representatives in the Americas.

Earlier this year, Barclays Wealth said it planned to invest more than $1 billion globally--on top of an already planned $500 investment--to "transform itself from a top 10 wealth manager to a top tier wealth manager."

Other hires made this year include: Anthony Valvo, head of custom credit, who joined from Citigroup in January; Linda Eydt, Atlanta regional manager, who joined from UBS in January; Chris Williams, Chicago regional manager, who joined from Bank of America-Merrill Lynch earlier this month; Steve Head, Texas regional manager, who joined from Carlson Capital last week; and the advisor team of Don Milich and Clifford Wang, who joined the firm's Atlanta office from Morgan Stanley in June.

Barclays acquired Lehman Brothers' private investment management business in September 2008 and has been using the acquired 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% stake in the combined firm.

Barclays Wealth, part of Barclays Bank, has 14 offices in the Americas, where it operates via Barclays Capital.

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