Investors are still placing too much faith in central banks, and investors could be in for a bumpier ride if monetary normalisation proceeds more briskly than expected, says Barclays Wealth and Investment Managements European CIO Kevin Gardiner.
Barclays' wealth arm set aside a £22m provision during the summer to compensate clients invested in the suspended AIG Enhanced Variable Rate fundm and after sweetening its offer it is understood most affected clients have accepted.
Profits in the wealth arm of Barclays have been dragged down 68% by the bank’s costly image overhaul, while a fresh scandal over currency price manipulation is brewing.
Barclays is to reduce the number of markets in which it provides wealth management and investment services from around 200 to 70 by the end of 2016 in a bid to "reduce the complexity" in its business and stick with the markets that it claims still hold over 80% of the world's wealth.
A number of high profile team members have left regional Barclays offices following a management restructure designed to capitalise on opportunities outside London.
Barclays first quarter profits have been hit by its restructuring programme, falling 25% to £1.8bn.
Rich Ricci is retiring from Barclays, along with colleague Tom Kalaris, after being ousted from his role as head of investment banking during a strategic review.
Jo Kaye has left Barclays Wealth to take on the role of chief operating officer at Coutts.
Barclays Wealth is to be phased out as a brand with all the banking group’s business units uniting under the single Barclays name.
Barclays Wealth unveils the details of an enhanced discretionary portfolio management service available to IFA clients in the run-up to RDR.
Risk assets face a more benign investment climate in early 2012 than has been priced in and investors raising their allocations to them are doing so because they are comfortable, not complacent, says Barclays Wealth.
Barclays Wealth pre-tax profits jump as the Group profits stay largely flat.
