The Hindu Business Line : Barclays Wealth expects AUM in Asia Pacific region to zoom

Mumbai, Nov. 19 Barclays Wealth expects its assets under management from the Asia Pacific region to increase to around £7 billion by the end of the year from £3 billion in 2007.

“The risk appetite of the investors may have reduced but the size of investments made by them has not changed even during these turbulent times,” said Mr Robert Morrice, Chairman and Chief Executive Officer of the Asia Pacific region at Barclays PLC.

Barclays are in a better position as compared to its competitors as they are beneficiaries of the deposits and the liquidity inflows from other institutions affected by the global financial crisis, said Mr Morrice.

Barclays Group announced on Tuesday that its wealth management office in Mumbai is fully operational now and that it will start operations in Delhi, Bangalore, Chennai and Kolkata by the end of the year. It will cater to high networth individuals (with investable assets of up to $10 million) and ultra HNI (with investable assets of more than $30 million).

“We have observed that in testing times clients are more receptive to have bespoke solutions to protect, grow and sustain their wealth. Our platform is well positioned to structure such solutions across banking, investments, lending and family trust services in a customised way,” said Mr Satya Narayan Bansal, Chief Executive, Barclays Wealth India.

The group observed that the wealth management market in the country is changing as the need of the HNIs and UHNIs gets more complex and as there is a significant intergenerational wealth transfer happening.

According to Barclays Wealth, by 2017 India would be the eight largest market in terms of overall net worth, and the number of dollar-millionaires in the country would go up to 4.11 lakh. The aggregate wealth held by these millionaires would be more than $1.7 trillion.

But currently HNIs are very cautious and are very selectively taking “advantage of opportunities of dislocation” said Mr Ravi Bulchandani, Head of Alternative Investments, Barclays Wealth.

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