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Barclays Plc (BARC), the U.K.’s second- largest bank by assets, plans to hire more advisers to wealthy clients in Switzerland to help it double funds under management by 2015.
The bank aims to have about 100 relationship managers in Geneva and Zurich by the end of next year, up from about 60 now, Patrick Ramsey, head of wealth management for Switzerland, told journalists at a briefing today. The advisers currently manage about 18 billion Swiss francs ($18.5 billion) in assets, including those booked outside of Switzerland.
Barclays earlier this year hired Martina Bigliardi Moehr from Credit Suisse Group AG’s Clariden Leu unit to open and head a new Zurich office offering private-banking services. The Zurich unit, which focuses primarily on business with wealthy Russian, eastern European and Israeli clients, currently has about 10 people and aims to triple that by the end of the year, Moehr said today.
The bank targets clients that can bring over at least 1 million pounds ($1.5 million) of assets, Ramsey said. Customers are increasingly looking to Switzerland for “stability in this shaky world,” he said.
Barclays managed 172 billion pounds globally for wealth- management clients at the end of March.
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