Barclays Geneva Wealth Unit Increases Assets, Hires Bankers

By Giles Broom

Barclays Plc (BARC)’s Swiss wealth- management unit added client assets and recruited bankers last year after attracting customers from outside the U.K.
Assets under management rose by a “low double-digit percentage” to almost 18 billion Swiss francs ($18.9 billion) in 2011, including some funds booked outside Switzerland, said Patrick Ramsey, who heads Barclays Bank Suisse SA.

The firm plans to hire more Swiss-based relationship managers this year after increasing the number servicing wealthy private clients by 14 to 57 in 2011. Barclays is targeting Latin America, Africa and Russia as it expands beyond its traditional base of non-U.K. domiciled clients.

Read the full story at Bloomberg.

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