Barclays Wealth Hires Credit Suisse Exec as Asia Boss

Stephen Harris

13 March 2007

Barclays Wealth has hired Didier von Daeniken, Credit Suisse’s former co-head of Asia Pacific Private Banking and head of Private Banking in Southeast Asia and Australasia. Mr von Daeniken, joins Barclays as a managing director and head of Barclays Wealth, Asia Pacific, from 1 June. He will be responsible for strategy and the day-to-day management of Barclays Wealth’s business in Asia Pacific and will drive its transformation into what the bank hopes will be a leading wealth management player in the region. Mr von Daeniken will report to Robert Morrice and will be based in Singapore. “We are extremely confident about the growth potential of this business as no other private wealth manager can leverage the institutional investment expertise of Barclays Global Investors and the structuring prowess of Barclays Capital,’’ said Mr Morrice, referring to Mr von Daeniken. “We’ve been growing the Asia business by more than 20 per cent annually in recent years and we expect the underlying performance to continue for the foreseeable future.’’ Barclay’s Wealth’s plans to invest ₤375 million in its people and infrastructure between 2006 and 2009 are in place, with the business hiring more than 700 staff internationally in 2006; 60 per cent of which are in client facing roles, according to a statement from the bank. Barclays Wealth employs more than 100 staff in Hong Kong and Singapore. Globally, the business reported a 28 per cent increase in net profit before tax in 2006.