Barclays targets ‘high net worth’ clients

New division, Barclays Private Clients, will target its products and services at what are described as, ‘cash-rich, time-poor’ clients.

  • E-Mail
By  David Ingham Published  June 28, 2001

Barclays has merged several business units into a new division called Barclays Private Clients. The division will focus on what it calls the curiously named ‘affluential’ customer, someone who is described as ‘cash-rich, time-poor.’

Barclays Private Clients has emerged from the amalgamation of Barclays’ Premier, Europe, Offshore, Private Banking and Stockbrokers divisions. Barclays says it merged the divisions after extensive research showed that the bulk of high-net worth want their finances handled by a sole source.

“The research, which also took in non-Barclays clients, showed that two-thirds of the 650 people interviewed would prefer a single relationship for all their financial affairs. Over 80% of these also would like all their finances on one statement,” said Matt Barrett, Chief Executive Officer, Barclays Group. “The new division fulfils this need, providing a single relationship across banking and investment, with pro-active financial planning advice and the sourcing of the best products in the market.”

Barclays says it already has over one million ‘high net worth’ clients in 33 countries with £81 billion (sterling) of assets under management.

Barclays’ press release did not define exactly what a high net worth client might be. However, the minimum requirement for the Barclays Private Clients-Premier Banking service is annual income of £60,000 or investible assets of £70,000. Clients with over £1 million of investible assets are eligible for the Barclays Private Clients-Private Banking service.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code