Barclays launches Sheffield wealth arm

Barclays continued assault on the UK wealth market has seen it open an office in Sheffield.

The new office, located at St Paul’s Place, is the sixth Wealth and Investment Management office opened by Barclays in the past 18 months, following launches in Manchester, Cambridge, Norwich, Chelmsford and Reading.

The Sheffield office is headed by Martin Cuthbert (pictured), who joined firm in 2006 and serves as regional centre head of the Leeds office.

The Sheffield team, which comprises a handful of private bankers, share their premises with the corporate banking division of Barclays and offers banking, investment and wealth advisory solutions to clients across the south Yorkshire region.

Barclays has 10 private bankers working across the region and said its decision to base a dedicated team in Sheffield was in reflection of its growing affluence and emerging status as an economic hub for the north east. To emphasise this, it highlighted there are 44,000 millionaires in Yorkshire with this figure set to rise by 28% by 2020.

Speaking at the opening of the office, Barclays head of wealth management UK Emmanuel Fievet, said:   ‘As our UK footprint continues to grow, we are delighted to open a new, local office which demonstrates our commitment to building our presence in the north east. 

'This latest office opening is testament to the momentum we are seeing as we continue to invest in our business and talent across the regions.’

Cuthbert added: ‘Sheffield is a fantastic place to do business, and the decision to base a dedicated group of bankers in the city underpins our belief in the prospects for the local economy and wealth in the region. 

‘Having a growing team here allows us to increase the amount of time we spend providing specialist advice and wealth solutions to our clients, close to their home or place of work.’