UK bank Barclays is set to spend around £200 million overhauling technology and infrastructure at its wealth management unit in a bid to win high net worth accounts.
According to the Financial Times, Barclays Wealth is set for a £350 million investment aimed at tripling the pre-tax profits it contributes to the group to £500 million.
Around two thirds if the money will go on technology and infrastructure, including an IT system for opening and monitoring client accounts. The remaining money will be used to double the unit's staff serving high net worth individuals.
The UK bank believes Barclays Wealth can mirror the growth of Barclays Capital, the bank's profitable investment banking arm, says the FT.