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Barclays Wealth Hopes To Triple Swiss AuM

Knud Noelle, 17 June 2010

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Barclays Wealth, the private client arm of UK-listed banking giant Barclays, aims to triple the assets under management at its Swiss subsidiary within five years, Barclays Bank (Suisse) chief executive Philippe Sednaoui told Reuters.

"The objective is to multiply AuM by three over a five-year period," he told the newswire. The firm currently manages SFr16 billion (about $14.1 billion) in Switzerland.

The firm has about 400 staff based in Geneva. Sednaoui said that regardless of the recent legal changes in Switzerland, such as the UBS treaty which will lead to the transfer of UBS client details suspected of tax evasion by US authorities, Switzerland remains interesting for international clients.

The bank also hopes to grow in other areas, including Latin America and some former Soviet states, Sednaoui said.

The UK firm has been looking to expand its European footprint. For example, in May, the firm said it was opening an office in Rome, its second office in Italy.

The business is in robust financial health. On April 30, it reported that in the first quarter of 2010, pre-tax profits at Barclays Wealth jumped 50 per cent from the preceding quarter to £45 million (around $65.9 million).

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