UK-based bank Barclays is moving to set up a new three-strong team of independent asset managers (IAM) in Singapore as it continues to capitalize market opportunities in Asia, according to a Barclays’ press release.
The team will be led by Cedric Lizin, appointed Aug 22, as Head of Independent Asset Managers segment, Asia Pacific at Barclays. Based in Singapore, he will build Barclays’ offering to spearhead the growth of this target segment while managing a team of bankers.
Barclays hired Annabelle Chow as Director, Team Head, as well as Josephine Koh, as Director, in July 2012. Both joining from Credit Suisse in Singapore with combined over ten years of experience within the region.
Mr. Lizin added, “The IAM industry is still in its infancy, holding less than 5 percent of total assets under management within the private banking industry. We expect this segment to grow at a much faster rate than the approximately 10 percent per annum growth rate of the overall wealth management industry in the region over the next few years. Looking at the more established wealth management hubs such as Switzerland, we project that it will grow to around 30 percent of private banking assets under management (AUM). With our business model, value proposition, and highly experienced team, we expect to capture market share very quickly, break even in the first year of operations and be a net contributor to Barclays’ private banking business in Asia.”
The Swiss bank claims SFr90 billion in AUM in its external asset manager business globally, with its Asia unit having grown 50 percent in the past three years. Now with over 30 staff in Singapore, Hong Kong and Switzerland serving Asian external asset manager clients.