Barclays Swiss Wealth Unit Boosts Assets Under Management 22%Giles Broom
Barclays Plc’s Swiss business increased client assets 22 percent last year after attracting funds from wealthy Russians, Latin Americans and Africans.
Assets under management rose to 22 billion Swiss francs ($23.6 billion) from 18 billion francs in 2011, including some funds overseen from Switzerland and booked abroad, Patrick Ramsey, who heads Barclays Bank Suisse SA, told reporters at a presentation in Geneva today.
“We’re building an international hub here,” said Ramsey, adding that most of the 3 billion francs in net new money came from clients booking assets outside the Alpine country.
The Swiss unit, which is targeting new business from emerging markets, plans to increase the size of its team of bankers to at least 75 by the end of this year compared with 64 at the end of 2012. Barclays’s Swiss unit has traditionally focused on the non-domiciled U.K.-resident market.
Full-year revenue advanced by a double-digit percentage, said Ramsey, declining to be more specific, or provide details on profitability.
“We continue to face pressure on margins and the cost base is increasing,” he said.