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June 19, 2009

News Briefs

STRATEGYBarclays looks to grow in AsiaBarclays Wealth has focused its search for potential acquisitions, saying it has a preference for expansion in Asia, according to CEO Thomas L Kalaris.The business confirmed itself as a global wealth player last year with the $250 million acquisition of Lehman Brothers Private Investment Management business, part of the failed investment banks capital markets operations.Kalaris first indicated his willingness for Barclays Wealth to be a consolidator in December 2008 in an interview with Private Banker International (see PBI 243) REGULATIONBrazil private banks shutteredPrivate banks in Brazil have been closing representative offices under pressure from the countrys central bank.According to a Reuters report, the move came after Federal Police probes on tax evasion, illegal money transfer and racketeering, which had led to arrests at Credit Suisse, UBS and AIG Private Bank.Reuters claimed UBS, AIG Private Bank, Merrill Lynch, Credit Suisse and its Clariden Leu subsidiary all closed representative offices in the country

By Verdict Staff

STRATEGY

Barclays looks to grow in Asia

Barclays Wealth has focused its search for potential acquisitions, saying it has a preference for expansion in Asia, according to CEO Thomas L Kalaris.

The business confirmed itself as a global wealth player last year with the $250 million acquisition of Lehman Brothers’ Private Investment Management business, part of the failed investment bank’s capital markets operations.

Kalaris first indicated his willingness for Barclays Wealth to be a consolidator in December 2008 in an interview with Private Banker International (see PBI 243).

 

REGULATION

Brazil private banks shuttered

Private banks in Brazil have been closing representative offices under pressure from the country’s central bank.

According to a Reuters report, the move came after Federal Police probes on tax evasion, illegal money transfer and racketeering, which had led to arrests at Credit Suisse, UBS and AIG Private Bank.

Reuters claimed UBS, AIG Private Bank, Merrill Lynch, Credit Suisse and its Clariden Leu subsidiary all closed representative offices in the country.

 

PEOPLE

Glassman top female adviser in US

Thirty-two of the top 100 female financial advisers in the US work for Bank of America/Merrill Lynch, according to a list drawn up by Barron’s. The rankings were based on each adviser’s book of business, level of revenue generated and the quality of service provided.

Merrill’s Saly Glassman, 50, with assets under management of $1.65 billion, was number one on the list.

“My job is helping a client to imagine what their life could look like, and then helping them accomplish it,” she said.

 

PRODUCTS

ETF product a hit at Barclays

Barclays Wealth’s Global Beta product has reached £200 million ($325 million) in client money since launch in August 2008, and is now growing at £40 million a month. The product is a range of index-based investment funds built on exchange-traded funds, providing global market exposure.

There are five global beta portfolios corresponding to different risk profiles.

“Passive investment solutions… are increasingly attractive to investors, who seem to prefer the certainty of index-based returns to the possibility of outperforming,” said Thomas Fekete, head of investment products at Barclays Wealth.

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