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August 22, 2012updated 04 Apr 2017 3:36pm

Barclays launches IAM service in Singapore

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.

By Lizabeth Davis

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.

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.

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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