Barclays has created an independent asset
managers (IAM) team in Singapore in hopes of driving further,
growth in its private banking business in Asia.

The bank said it is keen to continue
capitalising on market opportunities in the region as it seeks to
land a top three spot in the IAM space in this area.

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Barclays said the IAM industry currently
holding less than 5% of total assets under management (AUM) within
the private banking industry.

Senior hires

To facilitate growth of new business the bank
has hired Cedric Lizin as head of the independent asset managers
department Asia Pacific.  He will be in charge of managing the
new team of bankers.

Lizin, is also head of key clients,
Asia-Pacific and head of Japan at Barclays. Now based in Singapore,
he originally joined Barclays as chief operating officer of the
Asia-Pacific wealth and investment division.

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In July 2012, Annabelle Chow was recruited as
new director and team head and Josephine Kohalso was recruited as
director to strengthen the IAM unit.

Rapid growth expected

Lizin said that the new IAM team will allow
them to better serve the clients who prefer to deal with
independent asset managers and engage them as external
advisers. 

Lizin said that although the sector is still
in its infancy the bank expects rapid growth of more than 10% over
the next few years.

He added that an increase in growth to around
30% of private banking AUM is expected based on developed wealth
management hubs such as Switzerland.

 

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