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Barclays looking at platform launch

Barclays Wealth is considering launching a direct-to-consumer platform, Money Marketing understands.

The move mirrors JP Morgan which last year announced plans to launch Wealth Manager Plus. Money Marketing understands Barclays will offer the platform to its existing clients before considering a wider launch.

In recent months, Barclays has made high-profile appointments with platform expertise, including ex-Fidelity FundsNetwork chief David Dalton-Brown as head of Barclays Wealth Funds.

Former Prudential business director of investment platforms Carl Howard joined Barclays UK Retail Banking as head of direct investments. Former UBS Wealth Management executive director of platform Tim O’Connor joined Barclays Wealth this month as director of its intermediaries division after leaving Aegon, where he researched wrap opportunities.

Finance and Technology Research Centre director Ian McKenna say: “Given the talent they are assembling, it would seem like a logical move. I would not rule out them making a business-to-business play as well.”

A Barclays spokesman says: “Barclays is always looking for new ways to improve its service, and give customers the options and flexibility they need to make sure they are getting the best out of their investments. We provide updates on such improvements when it is appropriate, but right now it is too early to discuss future enhancements.”  

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