Barclays Wealth downplays Argentina exit
From People Jan 10 2012 BY: Will Jackson
, Contributing editor
, International Adviser
Barclays Wealth remains committed to building its high net worth and ultra high net worth client base in Latin America, despite the closure of its Buenos Aires office, the company said today.
According to a statement from Barclays Wealth, it closed the Sudamerica SA business last week for strategic reasons – a decision that marked the end of its physical presence in the region.
However the firm said today that the change would have little direct impact on its HNW and UHNW Latin American customers, the bulk of whom are already serviced from Miami and New York.
Barclays Sudamerica SA – which Barclays acquired during its purchase of Lehman Brothers’ North American investment banking and capital markets operation, in September 2008 – was used to provide Barclays Wealth with information on Latin American markets.
The firm declined to say how many people were employed by the business.
Outside of the Americas, the company continues to build its presence in Asia. As International Adviser reported, it recently opened a China desk in Singapore, and aims to more than double its assets under management in Greater China and Taiwan during the next three years.