By Corrie Driebusch
Barclays PLC's (BCS, BARC.LN) U.S. wealth management business
has hired 18 investment representatives from brokerage arms of Bank
of America Corp. (BAC) and Morgan Stanley (MS) as well as the
private banking unit of J.P. Morgan Chase & Co. (JPM).
The new hires at their prior firms had a combined $40 million in
production and managed almost $9.4 billion in assets.
The additions highlight Barclays' "continued focus" on expanding
its regional presence in the U.S., said Mitch Cox, head of Wealth
Management, Americas, in a statement.
Tom Dexter joined Barclays in New York as a director from
Merrill Lynch, where he worked with high-net-worth individuals,
corporate executives, partnerships and foundations.
Among the other new hires in New York were Brett Fleckman, who
joined as a director from J.P. Morgan Private Bank, where he worked
with high-net-worth clients, and Mark O'Shea, who joined as an
assistant vice president from Morgan Stanley Wealth Management.
In California, Jonathan Bates joined Barclays in Los Angeles
from J.P. Morgan, where he specialized in municipal bonds, and Hugh
Beecher joined Barclays in San Francisco from Credit Suisse Group's
(CS, CSGN.VX) Private Banking division.
In Boston, Barclays hired Patrick Delahunty, Timothy King, Tim
Humphrey and Brian Kelly, all from J.P. Morgan Private Bank.
Barclays also added three investment representatives in Dallas from
Credit Suisse's private banking division.
Other hires were in Atlanta, Miami and Palm Beach, Fla.
The Wealth and Investment Management division of Barclays has
250 investment representatives in 13 offices across the U.S.
Barclays has been ramping up its wealth business in the Americas
since it acquired Lehman Brothers Holdings Inc.'s private
investment management unit after the collapse of the investment
bank in 2008.
(Street Moves chronicles the migration of executives on Wall
Street, with a particular emphasis on financial advisers with more
than $1 million in annual production and who manage more than $100
million in client assets.)
Write to Corrie Driebusch at corrie.driebusch@dowjones.com;
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