Barclays Said to Name Astaire Broking Chair as Renwick Exitsby
Mark Astaire to cover senior British clients, person says
Barclays targeting growth in broking and U.K. equity business
Barclays Plc promoted Mark Astaire to chairman of corporate broking to take on the responsibilities of Jim Renwick, who is leaving the bank, according to a person with knowledge of the move.
Astaire will be responsible for senior U.K. clients and will continue as vice chairman of banking for Europe, the Middle East and Africa, said the person, who asked not to be identified because the appointment isn’t public. Renwick was formerly head of U.K. equity capital markets and corporate broking, and most recently chairman of corporate broking.
Chairman John McFarlane, 68, has pledged to focus investment on the U.K. and U.S. and boost the debt and equity capital markets businesses after he took over in July. Brokers typically advise British companies and support their relations with investors for minimal fees in the expectation of winning more lucrative business, such as arranging debt deals or initial public offerings.
Barclays spokesman Jon Laycock declined to comment.
Barclays stock rose 2.1 percent to 244.5 pence at 3:23 p.m. in London and is little changed this year, compared with a 13 percent drop for British banks listed on the FTSE 350 Index.
Barclays started its corporate broking team in 2009 and has more than 50 clients, including 18 in the FTSE 100 index, according to the London-based lender. Britain’s second-largest bank by assets hired Phil Shelley as vice chairman of EMEA banking and Barry Meyers as head of U.K. equity capital markets this year.
Alisdair Gayne, Barclays’s head of corporate broking, decided in May to stay at the British bank after it offered him more money, a person with knowledge of the matter said at the time. He was close to accepting an offer from UBS Group AG to be chairman of its U.K. investment bank.
Astaire reports to John Langley, head of global finance and risk solutions, as well as Sam Dean, co-head of EMEA banking, the person said.