Barclays Wealth, the wealth management division of Barclays, has hired Srinivas (Srini) Siripurapu from UBS to head Southeast Asia and South Asia for the UK-based bank. The new hire will also fill the position of market manager, South Asia community. Barclays Wealth has also hired Fawaz Baba in the Middle East.
Siripurapu will join Barclays Wealth in November 2009 as a managing director, and will continue to be based in Singapore. He will bring with him a team of nine from UBS, said sources.
As head of Southeast Asia and South Asia, Siripurapu is responsible for developing the business and managing the Asia-based private banking teams covering these two regions. In this role he reports to Didier von Daeniken, chief executive of Barclays Wealth for Asia Pacific. Von Daeniken joined Barclays wealth from Credit Suisse in June 2007 to lead the bank's charge to become a leading wealth manager in the Asia-Pacific region.
In his role as market manager for the South Asian community, Siripurapu will develop the business and manage the private banking teams in Dubai, Geneva, Hong Kong, London, and Singapore, which cover the South Asian community. He will report to Emmanuel Fievet, who heads international private banking for Europe, the Middle East and Africa, for Barclays Wealth, as well as to Von Daeniken.
Siripurapu brings with him 25 years of experience in investment and private banking in India and across Asia. Most recently, he was country team head for India international Asia at UBS Singapore, where he was responsible for a team of bankers servicing South Asian clients, based out of Hong Kong and Singapore.
In a written statement commenting on the hire, Von Daeniken said the appointments "provide clear evidence of the firm's ability to attract proven talent and underline our commitment to further build up our private banking business in Asia-Pacific".
Sources close to the development confirmed that the team of 10 has departed UBS. "A new leadership team is already in place to ensure there is no disruption to the business or quality of the service delivered to our clients," said sources close to UBS. The team is led by Vikram Malhotra, who joined UBS in 2006 from ABN AMRO and who is the deputy country team head.
Barclays Wealth has also added strength to its Middle East office. Fawaz Baba has joined from Investcorp Bank, where he was a principal. Baba will become general manager of the Barclays Wealth Dubai office, responsible for running the day-to-day wealth business in the city. He will report to Soha Nashaat who is the CEO of Barclays Wealth for the Middle East and North Africa.
Barclays Wealth is the UK's largest global wealth manager with total client assets of £134 billion ($218 billion) as of June 30 and offices in 25 countries. In Asia, Barclays Wealth has offices in Hong Kong and Singapore.
