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Thomas Kalaris of Barclays Wealth is on hiring spree

Thomas Kalaris of Barclays Wealth is on hiring spree

Thomas Kalaris, Chief Executive of Barclays Wealth since 2006, is on a hiring spree to transform the private wealth manager into a global brand.

Thomas Kalaris, Chief Executive of Barclays Wealth Thomas Kalaris, Chief Executive of Barclays Wealth
Thomas Kalaris, Chief Executive of Barclays Wealth since 2006, is on a hiring spree to transform the private wealth manager into a global brand. "If you don't do it in the next five years, you won't be able to do it ever," sums up this ex-JP Morgan executive. Excerpts from an interview with Anand Adhikari:

On hiring, exits and shake-up: Our hiring is primarily focused on (serving) the higher end of the wealth management market. It is primarily focused on bankers as opposed to any infrastructure people. There is an orientation towards hiring senior bankers and (serving) ultra high net worth individuals. We are also making significant investments in technology, systems and processes at the back end. The objective is to redefine the wealth management landscape.

On India: The bulk of our assets under management ($250 billion) is in Europe. The United States and United Kingdom are the two big contributing countries. Today, we get a smaller portion from Asia, but it is the fastest growing region. Within Asia, the fastest growing region for us is India .

On Barclays absence in China: We access the Chinese market through Singapore and Hong Kong... In the long run, to be effective, you need to have a local presence and a global matrix. But there is no plan at the moment to open an onshore China office.

On flow of funds into developing markets: Broadly speaking, our clients at the moment are "overweight" in developed market equities and "neutral" in developing market equities. This is more tactical than strategic. In our view, India and China are going to outperform the rest of the world.