Barclays Wealth has set up a new booking
centre in Hong Kong market as part of its strategy to quadruple
assets under management in Asia over the next four years.
The private bank also sets to double the
number of private bankers in the region over the period.
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Barclays Wealth is making bold moves in the
Asia Pacific region, with a private banking joint venture in Japan
in July, together with the opening of a trust business in Singapore
for global clients in June.
Barclays Wealth executive officer Didier von
Daeniken said the new Hong Kong private banking hub puts ultra high
and high net worth client services within the region, alongside an
onshore presence in India and Japan.
The private bank’s new booking centre allows
clients to retain their assets in Hong Kong, which were previously
only booked through its Singapore centre.
Other private banks are also rushing to extend
their network in Asia-Pacific.
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By GlobalDataJulius Baer was also granted a banking license
for a Hong Kong booking centre earlier this month, with plans to
open a representative office in Shanghai and a trust company in
Singapore.
Standard Chartered is planning to increase the
number of relationship managers working with wealthy clients from
450 to 750 by 2013 in Hong Kong, Singapore and China.
Meanwhile, HSBC Private Bank said it wants to
add 500 front office staff over the next three years to draw near
to these growing emerging markets.
