Barclays aims to more than double banker headcount in Singapore private bank by 2030

Barclays Targets Headcount Growth in Singapore Private Bank by 2030

Barclays' Expansion Strategy in Singapore

By Rae Wee

Plans to Double Banker Headcount

SINGAPORE, Sept 4 (Reuters) - Barclays plans to more than double its banker headcount in its Singapore private banking operation by 2030, the British lender told Reuters on Friday, as it launched a booking centre in the city-state.

Regional Competition and Market Trends

The move comes as a number of regional and global wealth managers seek to expand their footprints in the Asia-Pacific region, as they vie for a larger share of the region's fast-growing wealth.

Barclays' Current Position and Future Investments

Barclays does not disclose base staffing numbers or assets under management in its Asia private banking and wealth management business, it said in an emailed response to Reuters' queries.

However, the bank said it plans to "continue investing in the Singapore franchise and wider international platform," including growing its headcount over the next few years.

Launch of Singapore Booking Centre

In a statement on Friday, Barclays said the launch of its Singapore booking centre comes as clients seek greater connectivity across markets, asset classes and jurisdictions, alongside advice that reflects the complexity of their personal, business and family interests.

That reflects the broader trend of increasingly global wealth creation, investment activity and capital flows, it added.

Growth of Wealth in Asia-Pacific

Projected Asset Growth

Total client assets in the Asia-Pacific region, comprising pension assets, insurance companies, sovereign wealth funds, high-net-worth individuals and mass affluents, are expected to hit $154.3 trillion by 2030, up from $107.2 trillion in 2024, dominated by the latter two segments, according to a PwC report released in June.

Singapore's Role in Global Wealth

Barclays' Commitment to Singapore

Leadership Perspective

"Singapore continues to play a pivotal role in the global wealth landscape," said Alexander Harrison, Barclays' country CEO for Singapore and interim head of private banking in the city-state.

"The launch of our booking centre reflects Barclays' long-term commitment to the market and our ambition to serve increasingly international client needs."

(Reporting by Rae Wee; additional reporting by Nichiket Sunil; Editing by Tom Hogue and Thomas Derpinghaus)