New Barclays Wealth office launched to meet the demands of wealthy clients in the area. Latest study predicts number of UK £1millionaire households to increase from 1.5 million to 2.4 million in 2017.
Barclays Wealth and Commercial Bank, 10 June 2008
Barclays is making a significant investment in the City of Liverpool by opening new premises for its Commercial Bank team in the Docklands and launching the services of Barclays Wealth, the UK’s largest wealth manager, to the region for the first time. This investment reflects the confidence Barclays has of wealth generation and growth in the area driven by the city’s fast growing economy and booming financial and construction sectors.
The office, situated in the new Unity Building at 20 Chapel Street will open in Liverpool this month and will house the existing Barclays Commercial Bank team and the new Barclays Wealth team. Barclays Wealth, provide an integrated wealth management service, including private banking, asset management and financial planning services to the increasing numbers of wealthy clients in Liverpool and across the North West.
The Wealth team will work closely with experts from Barclays Commercial Bank to advise Liverpool’s growing executive and entrepreneurial community, providing a service that encompasses both personal and professional financial management. This will include advice on specialist services such as executive pension planning, offshore investment trusts and property financing.
Statistics show that Liverpool is the driver for Merseyside's economic growth, and comes ahead of other cities including Manchester, Sheffield, Leeds and Birmingham. There has been continued growth in Merseyside's key sectors over 12 months, including Finance and Business Services (+4.7 per cent), Hotels and Catering (+4.7 per cent) and Construction (5.1 per cent). Meanwhile entrepreneurial activity among Merseyside's 18-24 year olds is twice the average level for the UK at 8.6 per cent (compared to 3.8 per cent).
Mark Kibblewhite, Managing Director, Head of Barclays Wealth UK Private Banking commented on the launch of the new office:
“Liverpool is one of the UK's fastest growing cities in the UK, and is undergoing an intense and exciting period of economic and cultural development. In particular, we’ve witnessed continued growth in the city’s financial and business services sector which is helping to drive wealth creation in the region and it is in response to this demand that we are establishing a presence to place us at the heart of what is a booming business and wealth centre.”
Rikki Griffiths, Area Corporate Director for Barclays Commercial Bank commented on the move:
“Liverpool has always been an important commercial centre for Barclays. The investment in our Liverpool offering, which also includes the creation of twelve new positions, will ensure we are located amongst the professional and financial services community enabling us to serve our customers better. Our aim is to be the first choice banking provider to corporates in the city and we will be progressing this goal with vigor throughout 2008 and beyond.”
Mark Esner, Area Director of Barclays Wealth, Liverpool added:
“This is an exciting time for Barclays Wealth, and we are setting ourselves ambitious goals to reflect the fast paced growth Liverpool is experiencing. We are being joined by a number of new specialists from backgrounds which include private banking, stockbroking, pensions, accountancy and tax planning to ensure we have the best possible local team in place to meet the changing needs of the area’s wealthy.”
Esner continues: “In particular wealth is growing amongst business people and entrepreneurs, which is why our partnership with Barclays Commercial Bank is key. This will offer such clients a broader array of personal and professional banking and advice, ensuring a holistic approach to their full financial management requirements.”
The news comes as a unique Household Wealth Index, developed by Barclays Wealth and the Economist Intelligence Unit (EIU) predicts how the distribution of UK household wealth will change over the next 10 years. Barclays Wealth Insights: Evolving Fortunes is the first forward forecast of its kind and predicts that by 2017 the number of UK £1 millionaire households will increase from 1.5 million in 2007, to more than 2.4 million and the combined wealth will exceed £6.9 trillion (US$13.7 trillion).
To arrange an interview or for further media information:
Barclays Commercial Bank
David Bruce | 07775 551141 | 551141david.bruce2@barclays.com
Barclays Wealth
Nicola Hankey | 020 7114 9813 / 07775 548418 | nicola.hankey@barclayswealth.com
Jignasa Patel | 020 7114 9813 | jignasa.patel@barclayswealth.com
Cohn & Wolfe
James Pieslak | 020 7331 5309 / 07736 325 985 | barclayswealth@uk.cohnwolfe.com
Barclays Commercial Bank
David Bruce | 07775 551141 | david.bruce2@barclays.com
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