Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Psigma makes a play for Barclays' sub £500k clients

1 Comment
Psigma makes a play for Barclays' sub £500k clients

Psigma Investment Management chief executive John Howard Smith has made a pitch for Barclays' £500,000 clients.

The move comes after Barclays revealed clients in the sub-£500,000 category will be serviced through a 'lighter touch' division at the end of last year.

'In our view half million pounds is still a lot of money and deserves a personalised service,' Howard Smith (pictured) said.

'We do not believe clients should be commoditised and are dismayed by Barclays Wealth’s decision to handle these clients from regional call centres.'

Howard Smith says the move goes back to the 'age-old' argument that people with this sort of wealth should be treated as clients and not customers.  

He said his firm was an alternative to the 'big bank culture of call centres and relationship managers'.  

'In our view, looking after clients from a call centre is contrary to a proper wealth offering and will compromise the service that they receive,' he said. 

'Segmenting out an important section of the market in this way is a short-term decision and we expect that there will be a number of disenfranchised customers looking elsewhere.'  

'We are very happy to take on clients with less the half a million pounds; we think they’re important and deserve an individual service.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter