Barclays to triple wealth team in Asia, targets ultra-rich

Barclays plans to significantly expand its wealth management division in Asia, targeting ultra-rich clients and family offices in India and Singapore, according to Nitin Singh, the bank’s regional wealth head. The strategy includes tripling the wealth team and quadrupling private banking assets by 2028. While Singh withheld current staffing and asset details, the growth strategy aligns with that of competitors like UBS and Julius Baer. Barclays, which has served India since 2008, recently appointed Hussain Selani as head of India investments. The bank oversees approximately GBP183bn in wealth management assets, with a substantial portion from Asia. This expansion comes as the number of super-wealthy Indians is expected to grow 50% by 2028, according to Knight Frank.