Brothers’ Private Investment Management unit has moved its wealth
management business strategy forward five years, according to CEO
Thomas L Kalaris.
In an
interview with Private Banker International, Kalaris said
Barclays had been planning to set up a New York office from scratch
in 2009 to strengthen its US franchise until the Lehman assets
became available. He said the opportunity to pick up “significant
net new assets”, 1,000 staff and 12 offices in the US and South
America, were too good to miss.
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Kalaris said: “This was not just a good deal, it was a great
deal. As the UK’s largest wealth manager, we had put on record that
a presence in the US was essential to give us balance as a truly
global player.”
The Private Investment Management segment generated revenues of
$702 million in the first half of 2008. It was part of Lehman
Brothers’ North American investment banking and capital markets
operations, which Barclays bought in September for $250
million.
Barclays, the world’s ninth-largest wealth manager before the
Lehman acquisition, will also look to take advantage of further
opportunities as weakened players sell off their wealth units and
assets, Kalaris said. (For the full interview, see
Leveraging the Barclays brand) .
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