STREET MOVES: Barclays Wealth Hires Six Investment Representatives
29 June 2011 - 11:11PM
Dow Jones News
Barclays Wealth recently hired six investment representatives
from its rivals, with the six having more than $26 million in
combined annual production and managing more than $1.1 billion in
client assets.
The hires by the unit of Barclays PLC (BCS) are the latest in a
series it has made in the Americas region over the past three
years. Since January 2010, Barclays Wealth has brought in 85
investment representatives--the firm's name for financial
advisers--who generated more than $200 million in fees and
commissions and had more than $40 billion in assets under
management.
The new hires underscore Barclays' efforts to ramp up its wealth
business in the Americas since it acquired Lehman Brothers Holdings
Inc.'s private investment management unit after the collapse of the
investment bank in 2008.
In particular, Barclays Wealth has been attracting
higher-producing brokers over the past 18 months since it beefed up
its technology and announced plans to invest an additional $500
million globally in the business. Barclays already had planned to
invest $500 million over five years.
"Our success in hiring is a function of our success in building
out the platform," said Mitch Cox, head of Barclays Wealth Americas
and head of research and investments globally for the firm.
Cox, in an interview, said Barclays Wealth's platform was
previously "very good at trading stocks and bonds," but didn't have
any kind of custom lending capabilities and discretionary asset
management tools. The firm now offers a variety of different types
of lending, he said.
Barclays Wealth boasts 1,550 investment representatives
globally, with 250 in the Americas. The firm focuses specifically
on the richest of the rich--clients with $10 million or more in
investible assets.
While the Barclays unit has said it could reach 600 investment
representatives in the Americas region over time, Cox said the firm
is "less focused on the 600 number, but [we] still think the sweet
spot is that 400 to 600 range."
The new hires announced Wednesday include Daniel Caso, who
joined Barclays Wealth in Boston from Bank of America Corp.'s (BAC)
Merrill Lynch Wealth Management. He reports to Marty Courage,
regional manager for Boston.
In New York, Robert E. Miller joined Barclays Wealth from
Goldman Sachs Group Inc. (GS), while Jorge Carreras and Carlos
Molina were hired from Morgan Stanley Smith Barney's private wealth
management unit. The three investment representatives report to
Mark Stevenson, regional manager.
Barclays Wealth also hired Morgan Stanley veterans Douglas R.
Bayer and Joseph Gilbert in Washington, D.C. They report to Michael
Burke, regional manager.
-By Brett Philbin, Dow Jones Newswires; 212-416-2173;
brett.philbin@dowjones.com
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