Barclays Wealth hires team for big regional push
Barclays Wealth has hired four wealth managers from Bank of America Merrill Lynch to help the UK bank with its wealth management efforts in the US, according to sources close to the situation.
Bank of America Merrill Lynch last week confirmed the departures of Mitch Cox, a senior vice-president, his deputy, Tom Lee, and two other members of his team, Steve Houston and Paul Morton.
Cox ran Merrill Lynch’s global investment solutions unit and was given the added responsibility of managing the combined Merrill and Bank of America’s investment solutions business soon after the two financial institutions merged last year.
Sources close to Barclays said Cox is likely to have a senior role in developing the Barclays Wealth franchise in the US. Barclays Wealth declined to comment.
Following the collapse of Lehman Brothers, Barclays acquired Lehman’s private investment management unit to gain a presence in the US market, as well as $27bn ($19bn) of new assets.
Barclays Wealth is planning to hire up to 200 wealth managers over the next four years to grow its presence in the Americas, Dow Jones Newswires reported earlier this month.
Tom Kalaris, chief executive of Barclays Wealth, said last month that the US market would be a big part of the wealth manager’s expansion efforts in the years ahead.
Barclays Wealth has around £145bn (€168bn) of assets under management, but Kalaris wants to propel the bank into the top five global wealth managers, dominated by Bank of America Merrill Lynch, UBS, Citigroup, Wells Fargo and Credit Suisse.
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