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View the article online at http://citywire.co.uk/wealth-manager/article/a743038

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

by Dylan Lobo on Mar 26, 2014 at 11:40

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.'

1 comment so far. Why not have your say?

Anonymous 1 needed this 'off the record'

Mar 27, 2014 at 10:37

Howard might find he has a bit of competition from the 90 Private Bankers Barclays made redundant, oh and every other sensible firm in the UK.

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