Barclays Bank has signed an agreement to acquire Walbrook Group, an independent fiduciary services company with operations serving high net worth private clients and corporate customers in
Barclays Bank has signed an agreement to acquire Walbrook Group, an independent fiduciary services company with operations serving high net worth private clients and corporate customers in Jersey, Guernsey, Isle of Man and Hong Kong whose largest shareholder is Hermes Private Equity.
Barclays will integrate Walbrook, which at the end of last year had gross tangible assets of GBP13.5m and GBP8.6bn in client assets into its wealth advisory business where it will build on existing operations in the Channel Islands, Isle of Man, and Hong Kong. Walbrook’s executive management has committed to staying with and helping to develop the combined business.
‘We are delighted to welcome Walbrook to Barclays Wealth,’ says chief executive Thomas L. Kalaris. ‘Walbrook has a strong product and client offering and geographical footprint that will complement Barclays Wealth. The acquisition is consistent with our ongoing strategy as we continue to bring a market leading wealth management service to our clients.’
Adds Walbrook chief executive Bryan Dix: ‘We are excited by the momentum and the opportunities this transaction creates. Barclays is a great fit, and offers outstanding opportunities for our people, our business growth and, most importantly, for our clients.’
Hermes Private Equity backed the December 2003 management buy-out of Walbrook, previously the trust and company services arm of Deloitte in the Channel Islands and Isle of Man, in a transaction valued at more than GBP50m.
