SINGAPORE: Barclays plans to more than double its banker headcount in its Singapore private banking operation by 2030, the British lender told Reuters yesterday, as it launched a booking centre in the city-state.
The move comes as a number of regional and global wealth managers seek to expand their footprints in the Asia-Pacific region, as they vie for a larger share of the region’s fast-growing wealth.
Barclays does not disclose base staffing numbers or assets under management in its Asia private banking and wealth management business, it said in an emailed response to Reuters’ queries.
However, the bank said it plans to “continue investing in the Singapore franchise and wider international platform,“ including growing its headcount over the next few years.
In a statement yesterday, Barclays said the launch of its Singapore booking centre comes as clients seek greater connectivity across markets, asset classes and jurisdictions, alongside advice that reflects the complexity of their personal, business and family interests.
That reflects the broader trend of increasingly global wealth creation, investment activity and capital flows, it added.
Total client assets in the Asia-Pacific region, comprising pension assets, insurance companies, sovereign wealth funds, high-net-worth individuals and mass affluents, are expected to hit US$154.3 trillion (RM623 trillion) by 2030, up from US$107.2 trillion in 2024, dominated by the latter two segments, according to a PwC report released in June.
“Singapore continues to play a pivotal role in the global wealth landscape,“ said Alexander Harrison, Barclays’ country CEO for Singapore and interim head of private banking in the city-state.
“The launch of our booking centre reflects Barclays’ long-term commitment to the market and our ambition to serve increasingly international client needs.” – Reuters