Barclays 'planning to quadruple size of operations in southern Asia'
22 June 2010
Barclays is aiming to quadruple the size of its wealth management business in key regions of Asia over the course of the next five years.
According to Srinivas Siripurapu, head of south-east Asia and south Asia at London-based Barclays Wealth, the firm will hire more bankers and inject extra capital into its private banking unit in his region.
Mr Siripurapu told Bloomberg that Barclays has "these huge plans and vision of growing to a certain level, that's what makes it exciting".
"Everybody is growing … but we are trying to grow much more than others," he added.
According to recent figures from the Boston Consulting Group, wealth in the Asia-Pacific region – with the exclusion of Japan – is expected to grow at double the rate recorded in the rest of the world.
Last month, Andrea Gentilini, head of strategic consulting at Barclays Capital's prime services unit, predicted that Asian hedge funds may bring in around $8 billion this year, with the potential to double that figure by 2013.
By Asim Shah