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Peter Horrell takes over as chief of Barclays' wealth arm
by Danielle Levy on Sep 23, 2013 at 11:07
Peter Horrell has been appointed chief executive of Barclays’ wealth & investment management (W&IM) business.
Horrell was named interim CEO of the business in April when he was given the task of exploring ways to work more closely with the group's corporate and retail banking arms to power alternative sources of future growth.
Horrell will report to CEO Antony Jenkins and takes on the mantle from former chief Tom Kalaris, who decided to retire earlier this year. Kalaris, who had worked at Barclays since September 1996, has been working with Horrell on the transition to the new regime.
Horrell was formerly Barclays' head of intermediaries, international and direct businesses. His appointment follows a challenging year for the bank, which saw it rocked by the Libor scandal and departures of senior staff, not least its chief executive Bob Diamond.
The bank's wealth & investment division has also seen a raft of departures and a management restructure of its regional offices.
In Barclays first half results, it announced that £22 million had been set aside for 'client remediation provision' for those invested in the AIG Enhanced Variable Rate fund, which was suspended in late November 2008. The group also announced a £5.8 billion rights issue, while its wealth division posted a 53% drop in pre-tax profit to £47 million, largely due to the increase in its operating costs.
The division shouldered a £33 million share of the bank's £640 million Transform programme bill, though more broadly it saw its total income rise year-on-year, from £875 million at the end of June 2012 to £931 million at the end of June 2013.
This rise was driven by Barclays' high net worth (HNW) client base, the bank said, highlighting that the typical customer asset margin had also risen by 16bps to 81bps, reflecting higher margins on HNW businesses.
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