Economy & Finance

Barclays expands U.S. wealth group with 16 new hires

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(Reuters) – Barclays Plc said on Thursday it added 16 new investment representatives to its wealth and investment management division as the British bank expands its presence in the United States.

The new hires, spread across seven different offices in the United States, managed a combined $15 billion in client assets at their previous jobs, bringing in $35 million in total revenue in the last year.

In New York, Barclays hired Ramon Hache, Stephen Brazell and Joseph Chung from Deutsche Bank AG’s Market Coverage Group, where they worked with clients primarily in Latin America.

Steven Guggenheimer and George Zaki also joined Barclays in New York from Bank of America Corp’s Merrill Lynch, along with AllianceBernstein’s Jonathan Mann, who previously oversaw the overall management of Bernstein Global Wealth Management’s New York region.

The six New York hires are based out of Barclays’ Park Avenue office in Midtown Manhattan and report to regional manager Mark Stevenson.

In Texas, Barclays landed Don Childress, Jeff Collins and Neil Stone from Goldman Sachs’ private wealth management division. The new recruits are based out of Barclays’ Houston office and report to regional manager Steve Head.

In California, Barclays opened a new Beverly Hills office with the addition of former BNY Mellon senior director Watt Webb and former U.S. Trust senior private client adviser Warren Cohn. The new Beverly Hills office is managed by regional manager Brian Sears.

Also in California, former Union Bank vice president Adam Morgens joined Barclays’ Los Angeles office, also managed by Sears. Morgens had been a part of the institutional sales division of UnionBanc Investment Services LLC, which is the broker-dealer subsidiary of Union Bank NA.

In Florida, Barclays hired Ileana Platt and Rafael Urquidi from Credit Suisse’s private banking division. Platt and Urquidi are based out of Miami, where they report to regional manager Marilyn Gonzalez.

Among other new hires, Barclays landed Adam Strauss from Goldman Sachs’ private wealth management division in Chicago, where he now reports to regional manager Bill Scherr. Barry Pederson, a former adviser at Morgan Keegan, Sterne Agee & Leach, and A.G. Edwards, joined Barclays’ Boston office, where he reports to regional manager Marty Courage.

Representatives for the companies where the departures took place either declined to comment or did not immediately return a request for comment.

Barclays has been building its wealth management presence in the United States, which currently has 14 offices, including its trust company office.

Barclays’ wealth and investment management division globally has $287 billion in total client assets as of the end of September. Barclays is expected to report its full-year 2012 results next Tuesday.

(Reporting by Ashley Lau in New York- Editing by Bernard Orr)

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