Barclays launches Singapore booking centre, plans to more than double Singapore private banker headcount by 2030

Barclays said on Friday it plans to more than double the banker headcount in its Singapore private banking operation by 2030, disclosing the target as it launched a booking centre in the city-state. The British lender told Reuters it intends to "continue investing in the Singapore franchise and wider international platform," including growing headcount over the next few years. Barclays did not provide a specific figure for the number of additional bankers it expects to recruit, and said it does not disclose base staffing numbers or assets under management for its Asia private banking and wealth management business. The booking centre gives the private bank local booking capability in Singapore alongside connectivity to Barclays' other international booking centres.

The move comes as a number of regional and global wealth managers seek to expand their footprints in Asia-Pacific, vying for a larger share of the region's fast-growing wealth. Total client assets across Asia-Pacific — a measure spanning pension assets, insurance companies, sovereign wealth funds, high-net-worth individuals and mass affluent clients — are expected to reach $154.3 trillion by 2030, up from $107.2 trillion in 2024, according to a PwC report published in June. The high-net-worth and mass affluent segments are projected to account for the largest shares of that total. Barclays cited separate McKinsey figures indicating Asia-Pacific will become the world's largest wealth market by 2030, with an estimated $5.8 trillion of wealth transferring between generations across the region over the period.

BOOKING CENTRE EXTENDS INTERNATIONAL PLATFORM

The Singapore centre will offer banking, lending, investment and wealth planning services to the private bank's ultra-high-net-worth clients and family offices, drawing on what Barclays calls its "one Barclays" model. The bank said the launch responds to clients seeking greater connectivity across markets, asset classes and jurisdictions, alongside advice reflecting the complexity of their personal, business and family interests. In its statement, Barclays said the launch comes as wealth creation, investment activity and capital flows are becoming increasingly global.

Annabelle Bryde, head of Barclays Private Bank International, said the new platform "makes it easier for clients to access the full breadth of Barclays' capabilities through one integrated team," adding that clients requiring lending, investment advice or support with complex family wealth and succession planning could be connected to relevant expertise across the bank. She described the platform as "a powerful example of our one Barclays approach."

SINGAPORE'S ROLE

Alexander Harrison, Barclays' country chief executive for Singapore and interim head of private banking in the city-state, said Singapore "continues to play a pivotal role in the global wealth landscape." He added that the booking centre launch "reflects Barclays' long-term commitment to the market and our ambition to serve increasingly international client needs."

Sasha Wiggins, chief executive of Barclays Private Bank and Wealth Management, said the launch "marks an important milestone in delivering our growth strategy" and "reflects our investment in key international wealth markets."