Barclays Wealth to invest more funds in technology resources

4 March 2010

Financial services provider Barclays Wealth is planning on investing an estimated £230 million in upgrading its technology infrastructure, reports have claimed.

The group has committed £350 million worth of funds to developing its wealth business with two-thirds of the figure expected to be invested in its technology platform, the Financial Times reported.

According to the article, funds are expected to be spent on improving services to its global client base.

A “state-of-the-art IT system” will be implemented to make it easier for bankers to manage client accounts, the newspaper reported.

The rest of the money will be invested in training programmes to boost the skills-base of its workforce.

Thomas Kalaris, head of Barclays’ wealth management business, told the FT: “Broadly speaking, this is an industry that is short of talent.

“It’s the industry that probably has the best growth rates projecting forward, but that growth is outstripping the talent pool. And that’s the problem that every wealth management executive is facing.”

John Varley, Barclays chief executive, and Bob Diamond, head of BarCap, are both reported to have backed the investment.

By Jim Ottewill

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