ON THE MOVE-Barclays adds two directors to U.S. wealth group

Mon Dec 17, 2012 2:10pm EST

Dec 17 (Reuters) - Barclays Plc said on Monday it hired two new directors for its wealth and investment management division as the British bank expands its presence in the United States.

Stephen Liss and Alpa Patel joined Barclays in newly created wealth management roles, based in New York and San Francisco, respectively. They report to Chris Johnson, a Barclays director.

Liss was previously a partner at international law firm Withers Bergman LLP, where he worked for more than a decade. Patel, who has worked in the advising industry for roughly two decades, was most recently the West Coast head of Credit Suisse AG's wealth planning group.

Credit Suisse has lost several veteran advisers recently, including former San Francisco-based managing director Carey Timbrell, and New York-based advisers Bob Constant and Jeryl Paris, who all joined Jefferies & Co this year.

The company declined to comment on Patel's departure.

In their new roles, Liss and Patel will work with high-net-worth clients in such areas as multigenerational estate planning, wealth preservation strategies and planned charitable giving.

Barclays has been building its wealth management presence in the United States. The company said last month it hired 17 advisers from top U.S. brokerages. Spread across eight offices, they managed $9.4 billion in client assets at their previous jobs.

Barclays' wealth and investment management division currently has 13 offices in the United States, including its trust company office.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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