Rory Gilbert, the managing director and head of high net worth business in the U.K. and Ireland at Barclays Wealth, has been appointed as private banking head for the Middle East and North Africa, replacing Soha Nashaat.
Investors who are pouring money into Treasuries instead of higher-yielding assets amid signs the U.S. may enter a recession and as interest rates hover at about record lows are making a mistake, according to Barclays Wealth.
Barclays Wealth, which manages $231 billion in client assets, reduced its estimate for this year’s gain in the Standard & Poor’s 500 Index because the chance of a slowdown in economic growth has increased.
Barclays Wealth said it named Anne Grim as head of global client services, a new role. Grim joins the Barclays unit from Wells Fargo Financial, where she was an executive vice president, Barclays said in an e-mailed statement.
Barclays Plc ’s wealth unit is recommending clients to put 42 percent of their total investments in developed market equities in the first quarter, higher than the 36 percent usual long-term allocation. In Asia, it likes Chinese banks and technology companies in Taiwan. Aaron Gurwitz , New York-based Barclays Wealth chief investment officer, and Manpreet Gill , its Singapore-based Asia strategist, commented at a press briefing in Hong Kong today.