NEW YORK, June 3 /PRNewswire/ -- Barclays Wealth, the global wealth manager and advisor, is pleased to announce the appointment of Steve Houston as Head of Wealth Management, Americas.
In this role, Mr. Houston will be responsible regionally for building the firm's high net worth client business as well as managing and expanding the Investment Representative network. Mr. Houston will report directly to Mitch Cox, Head of Barclays Wealth, Americas, and Head of Global Research and Investments for all of Barclays Wealth.
"Over more than two decades of private wealth experience, Steve has developed a deep understanding of client needs and demonstrated an outstanding ability to lead wealth businesses," said Mr. Cox. "As part of a significant global investment in our business and platform, we are rapidly growing in the U.S. and attracting top-performing teams. With his track record, Steve is the right person to drive our regional build-out."
Mr. Houston assumes the position from Jack Petersen, who will become an Investment Representative in the Barclays Wealth New York office.
"After five years of leading our wealth management offering in the Americas, Jack has decided to return to client coverage as an Investment Representative," said Mr. Cox. "We thank him for his strong business leadership during a very challenging period in the industry. His decision to rebuild his IR business at Barclays Wealth speaks both to the opportunities our platform offers and the significant benefits that our $1 billion investment in the business over the next several years will bring."
Mr. Houston, a Managing Director, joined Barclays Wealth in 2009 as Global Head of Relationship Management and Distribution. From 1999 to 2009, he worked in Global Wealth Management at Bank of America Merrill Lynch in several senior roles including sales and product development leadership positions. From 1993 to 1999, Mr. Houston worked at the Bankers Trust Private Bank in similar roles. He began his career at PaineWebber in the late 1980s. Mr. Houston holds a BA in Economics from the University of Texas and an MBA from Columbia University.
Mr. Petersen, a Managing Director, joined Barclays Wealth in 2008 as part of the acquisition of the Lehman Brothers Private Investment Management (PIM) business. He joined the Lehman PIM business in 2003 as an Investment Representative and became Head of National Sales in 2005 and Global Head of Sales in 2007. Prior to that, he worked at Morgan Stanley from 1993 to 2003. Mr. Petersen holds a BS in Finance from the University of Minnesota and an MBA from the Tuck School of Business at Dartmouth.
In the Americas, Barclays Wealth has 14 offices and provides comprehensive wealth management to high net worth individuals and families. The firm focuses on understanding its clients' financial needs, personal aspirations and tolerance for risk in order to design and implement highly customized investment solutions and enable clients to achieve their objectives.
About Barclays Wealth
Barclays Wealth is a leading global wealth manager, and the UK's largest, with total client assets of $241 bn (151.2bn pounds Sterling) as of December 31, 2009. With offices in over 20 countries, Barclays Wealth focuses on private and intermediary clients worldwide, providing international and private banking, investment management, brokerage and fiduciary services.
Barclays Group is a major global financial services provider engaged in retail and commercial banking, credit cards, corporate banking, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia.
For further information about Barclays Wealth, please visit our website www.barclayswealthamericas.com.
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Barclays Wealth is the wealth management division of Barclays Bank PLC, functioning through Barclays Capital Inc. in the United States. Barclays Capital Inc., an affiliate of Barclays Bank PLC, is a U.S. registered broker-dealer and regulated by the Securities & Exchange Commission. Member SIPC.
SOURCE Barclays Wealth