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27/10/2003
Barclays buys wealth management firm for £210m
Barclays Bank has today announced the acquisition of Gerrard Management Services from Old Mutual plc for £210 million.
Gerrard is one of the UK’s leading private client wealth managers with £12.5 billion assets under management and 116,000 client accounts. Subject to regulatory approval, Gerrard will be brought together with Barclays Investment Management, part of Barclays Private Clients, which provides wealth management services to Barclays Group customers.
On completion, the combined business will be the UK’s largest private client investment manager with £21.4 billion assets under management in "discretionary and advisory portfolios for affluent and high net worth clients".
Naguib Kheraj, Chief Executive of Barclays Private Clients, said: "Gerrard has a strong franchise in investment management, an excellent client base, high-quality people and an attractive regional office network. To this Barclays brings complementary expertise in banking, insurance, funds management and structured products.
"Barclays will benefit through an increase in scale economies and additional expertise in its discretionary and advisory investment management business."
In the last 12 months to 30 June, Gerrard generated revenues of £100 million and profits before exceptional items and tax of £3 million. For the year ended 31 December 2002 revenues and profits before exceptional items and tax were £112 million and £3 million respectively.
(gmcg)
Gerrard is one of the UK’s leading private client wealth managers with £12.5 billion assets under management and 116,000 client accounts. Subject to regulatory approval, Gerrard will be brought together with Barclays Investment Management, part of Barclays Private Clients, which provides wealth management services to Barclays Group customers.
On completion, the combined business will be the UK’s largest private client investment manager with £21.4 billion assets under management in "discretionary and advisory portfolios for affluent and high net worth clients".
Naguib Kheraj, Chief Executive of Barclays Private Clients, said: "Gerrard has a strong franchise in investment management, an excellent client base, high-quality people and an attractive regional office network. To this Barclays brings complementary expertise in banking, insurance, funds management and structured products.
"Barclays will benefit through an increase in scale economies and additional expertise in its discretionary and advisory investment management business."
In the last 12 months to 30 June, Gerrard generated revenues of £100 million and profits before exceptional items and tax of £3 million. For the year ended 31 December 2002 revenues and profits before exceptional items and tax were £112 million and £3 million respectively.
(gmcg)
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