Barclays Wealth says it is making the financial and other commitments needed to make it a top-five wealth-management firm over the next five years.
“This is not incremental growth but transformational growth,” said Steven Alper, managing director and head of market development at Barclays Wealth in the Americas. “We started in the second half of 2009 and further enhanced and committed our plans in early 2010.”
This means spending an additional $1 billion over the next three years to boost Barclays’ global wealth-management effort. “And this investment is front-end loaded,” Alper explained.
From 250 today, Barclays Wealth plans to grow the ranks of its advisor force to between 400 and 500 over the next few years in the Americas.
It recruited 50 teams last year and is “on track” to recruit 50 to 100 this year, Alper added. “We are very pleased with the results of our efforts to date in 2010.”
Barclays Wealth Americas had assets under management of about $240 billion as of December 31, 2009, and 14 offices.