Barclays Plc plans a major hiring spree in Asia to expand client assets over the next few years, focusing on the ultra rich and family offices in India and Singapore, according to the head of the bank’s wealth business for the region.
The lender aims to quadruple its private banking assets in the region by the end of 2028, said Nitin Singh. To reach that goal, Singh plans to expand his wealth team threefold in India and Singapore. He declined to say how many people he currently employs or the amount of assets at the unit.
Barclays joins other firms building out wealth management teams in the region, including UBS Group AG and Julius Baer Group Ltd. The London-based bank, which has been serving India’s rich since 2008, is leaning into that segment as wealth booms in the world’s most-populous country.
“We have significant growth ambitions for the business and a large amount of growth we are seeing happen globally is happening in Asia,” Singh said in an interview.
The bank announced Wednesday it hired Hussain Selani as head of India investments and for Indians abroad. He will report to Singh, as well as Jean-Damien Marie, global head of investments, private banking and wealth management.
Overall, the lender manages about 183 billion pounds ($234 billion) in customer deposits, lending and invested assets across its wealth businesses, the majority of which stems from the UK. Asia’s share of that is in the high teens, Singh said.
The number of super wealthy individuals in India, with more than $30 million of assets, is expected to grow by 50% in the five years through 2028, according to Knight Frank’s latest wealth report.
Money managers have been hiring to increase their market share both in India as well as from hubs like Dubai and Singapore. More than 32 million Indians reside outside the country - largely across North America, the UK and Middle East, according to data from India’s Ministry of External Affairs.
Historically, the bank has had deep ties with global Indians, who bank both offshore and onshore with the firm, according to Singh. Its customer base includes 40% of the Forbes 100 wealthiest clients in the country, Singh said.
Singh, a more than 20-year veteran of money management, joined Barclays a year ago from Mumbai-based Avendus Wealth Management Pvt. He previously held several leadership roles at Standard Chartered Plc and HSBC Holdings Plc in the UK and India.
Singapore
Barclays re-entered the wealth management market in Singapore three years ago with a coverage office, after exiting in 2016. The bank is investing considerable resources in the city-state, including hiring two ex-Credit Suisse bankers.
Singh declined to say whether Barclays intends to open a booking center in Singapore. The bank plans to set up a so-called variable capital company structure, which would allow clients to invest in fund products that are incorporated in the city-state.
In Singapore, Barclays will look to serve customers with more than £10 million ($11.8 million) of investable assets, compared with £3 million in India and £5 million elsewhere.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
