Barclays PLC says it plans to hire up to 200 high-end investment representatives in the next four years to expand its wealth management business in the Americas.
After the collapse of Lehman Brothers Holdings Inc. into bankruptcy, Barclays bought Lehman's private investment management unit to gain a presence in the coveted U.S. market. Since then, the London banking company has recruited about 50 representatives — its name for financial advisers. Nearly half of the new reps were top producers, with average annual production of roughly $2.9 million and management of more than $350 million in client assets.
Barclays also may acquire in the United States and Latin America, which it said is a key growth region.
This strategy is part of Barclays' push to gain a larger share of the global wealth market. It had boosted its total assets under management to $235 billion, at Dec. 31, from $156 billion in 2005. Barclays has 1,650 professionals who work with clients in 25 countries, up from 700 in 17 countries three years ago.
In the Americas, Barclays has 13 offices and 250 reps. With its recruiting plan, the company expects to reach a total of 450 to 500 advisers.
