Barclays Wealth is setting up a booking centre in Hong Kong, its second such facility in Asia and a key sign of its commitment to the region, the firm said today.

This booking centre in Asia is in addition to its Singapore equivalent. Barclays Wealth already has a long-established office in Hong Kong, serving clients in the Greater China region, but their assets have typically been booked in Singapore.

The new centre will also benefit clients who wish to participate in Hong Kong’s Capital Investment Entrant Scheme through facilitating entry for residence in Hong Kong with a minimum capital investment of HK$10 million (around $1.29 million) in assets. 

“This is an important milestone for us in Hong Kong, and a key enabler for capturing growth in one of the world’s fastest growing and most attractive wealth markets - Greater China.  At the same time, our North Asian clients now have the additional option of having their assets managed in a location closer to them, and they can also look forward to enhanced offerings next year, as we expect to roll out Renminbi products and fiduciary deposits,” said Joanna Chu, head of North Asia for Barclays Wealth.

Didier von Daeniken, chief executive of Barclays Wealth Asia Pacific, added: “Setting up a Hong Kong booking centre will contribute greatly to the acceleration of our growth strategy, as we target to double the number of private bankers and to quadruple the assets under management in Asia over the next four years.”

Barclays Wealth has been expanding its footprint aggressively in Asia Pacific, with several recent developments that reflect the firm’s investments in the region.

In July 2010, Barclays Wealth announced a private banking joint venture in Japan with Sumitomo Mitsui Banking Corporation and Nikko Cordial Securities to provide wealth management services to high net worth individuals in Japan. In June 2010, Barclays Wealth obtained a licence from the Monetary Authority of Singapore to conduct trust business in Singapore, and to provide a regulated platform for global clients seeking trust services out of Singapore. 

Back in November 2008, Barclays Wealth launched private banking services in India.