Ex BlackRock chief joins Barclays for sweeping asset management review

Rory Tobin, former head of iShares International, has joined Barclays' wealth and investment division to review its asset management capabilities across the business.

In his new role, Wealth Manager understands that Tobin will work with David Semaya to identify pockets of asset management expertise in Barclays and determine whether to combine them or sell them off.

The project comes as part of a wider review of the Barclays business model, spearheaded by the bank’s new chief executive Antony Jenkins (pictured), to help restore the firm’s reputation following the Libor scandal.

Until last month, Semaya was head of Barclays’ UK and Ireland private bank, before moving to his new role where he will be assisted by Tobin.

At the time of Semaya’s move, the bank said: ‘As Barclays continues to grow and transform its business, it is important we focus on the key strategic priorities and continue to deliver value to our clients. 

‘David Semaya will lead an initiative to establish a centre of excellence for asset management through an evaluation of existing expertise across the bank. This ties in to the firm’s ambition to integrate its core efficiencies and harness resources across the business for the benefit of our clients.’

Prior to joining Barclays, Tobin was head of iShares International at BlackRock, a role he left in July 2010.

After BlackRock, he joined forces with Lee Kranefuss, previously global head of iShares, to establish ETF Opportunity Partners, a firm that consolidates sub-scale ETF issuers across Europe.

Tobin worked at Barclays Global Investors (BGI), before it was bought by BlackRock in 2009.

Barclays declined to comment on Tobin’s appointment.