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| Barclays Wealth launches India operations |
| Press Trust of India / Mumbai Nov 19, 2008, 20:47 IST |
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Global financial services provider Barclays today announced the launch of Barclays Wealth India operations to tap the country's wealth management market.
Barclays Wealth would provide private client advisory, succession planning and investment services to high net worth individuals, many of them are managing wealth on their own, Barclays Wealth India Chief Executive Satya Narayan Bansal told reporters.
India is a key market for driving our growth and enhancing global footprint, Robert Morrice, Chairman and Chief Executive, Asia Pacific, Barclays Plc said, adding that globally Barclays manages wealth in excess of $250 billion across 140 countries.
Barclays Wealth has an office in Mumbai and will be fully operational in other metros over the next few months. About the fees to be charged by the bank, he said it could either be performance linked or flat depending upon the clients.
He said the advice given to clients will depend upon the risk-reward perception of the individual concerned. He said the portfolio of a client may undergo more changes when the markets become volatile but the portfolio may remain stable if the fluctuations are less. At present, both equity and debt instruments are looking good for investment, he added.
When asked whether it is right time to launch wealth management services when the markets are in turmoil, Bansal said: "It is an opportune time as the current market conditions enable us to engage with clients more deeply than ever before."
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