Barclays Wealth, the wealth management arm of UK bank Barclays, has appointed Jaime Arguello as head of multi-manager and third party funds.

IIn his new role Mr Arguello will have responsibility for investment decisions and will make recommendations for the third party funds platform; he will report to investment products head Thomas Fekete and the head of retail distribution and European fund management, Thomas Rostron. 

“One of the Investment & Product Office’s priorities is to build on and improve our current research and risk management processes. Jaime brings the necessary expertise and experience to achieve this, enhancing our ability to capture new growth opportunities,” said Mr Rostron.

Most recently Mr Arguello headed up the third party mutual funds of Geneva-based private bank Pictet & Cie. 

Pictet, who as of 31 March has €215 billion ($284 billion) under management and custody, recently made a number of hires themselves, as reported by WealthBriefing, as part of an expansion of its wealth management operations in Zurich. Stefano Bianchi, Paolo Passan Bin, Umberto Braghero and Verena Gross, have all joined the Swiss firm from the Zurich office of Goldman Sachs.

With offices in 25 countries, Barclays Wealth manages £134 billion ($226 billion) of assets, but said its pre-tax profit in the first half of 2009 fell by 59 per cent to £75 million (around $126 million) from £182 million in the same six months of 2008 due to one-off items. Barclays Wealth logged net fee and commission income of £369 million, up from £349 million in the same six months to 30 June 2008.