Barclays Wealth Trustees (U.S.), N.A. Names David Chambers as President

NEW YORK, Jan. 18, 2012 /PRNewswire/ -- Barclays Wealth Trustees (U.S.), N.A., a Delaware-based national trust company, is pleased to announce that it has named David Chambers as President. As an affiliate of Barclays Wealth and part of a global network of Barclays trust institutions under its Wealth Advisory umbrella, Barclays Wealth Trustees provides high net worth clients with fiduciary, administrative and investment management services to help them secure their legacy.

Mr. Chambers, who is also a Director at Barclays Wealth, brings to his new role more than three decades of experience in many aspects of trust services including investment management, operations, and business development both in the U.S. and internationally. He will be responsible for managing the trust company as it continues to grow. 

"We are pleased to have as President of Barclays Wealth Trustees a professional of David's stature and deep experience," said Rob Withecombe, Head of Wealth Advisory globally for Barclays Wealth. "This is an exciting time in our development as trust and fiduciary services are a vital wealth management capability for both our U.S. and non-U.S. clients. When it opened in early 2010, Barclays Wealth Trustees represented the 10th jurisdiction in our global trust services proposition."

Mr. Chambers previously held several senior trust roles including founder of a Florida state-chartered trust company, executive vice president at Bryn Mawr Trust Company in Pennsylvania, and chief operating officer at Bessemer Trust Company in New York as well as head of both Personal Trust Services and International Trust Services at Merrill Lynch. Over the course of his 12 years at Merrill Lynch, Mr. Chambers led many aspects of the firm's fiduciary business, establishing its international trust services and chartering a Federal Savings Bank that permitted that firm to offer fiduciary services in all 50 U.S. states. His responsibilities at Merrill Lynch included chairman and CEO of Merrill Lynch Trust Company FSB; chairman of the trust committee for six related legal entities; and president and CEO of both Merrill Lynch Trust Company (Cayman) Ltd, and Merrill Lynch Trust Company (Jersey) Ltd.

The fiduciary services offered by Barclays Wealth Trustees assist Barclays Wealth Investment Representatives in providing comprehensive wealth management to their ultra high net worth clients.  Through BWT, clients have the ability to create a Delaware-based trust and estate planning structure in any of the 50 U.S. states.

Through Barclays affiliated trust companies worldwide — including the Cayman Islands, Geneva, Guernsey, the Isle of Man, Hong Kong, Jersey, Singapore, India, and the United Kingdom — Barclays Wealth offers access to fiduciary services in many favorable jurisdictions.

"At Barclays Wealth, we seek to meet the growing complexity of our clients' situations, which frequently include family, businesses and assets spread across several countries," continued Withecombe. "Offering them a global, truly integrated advisory platform across wealth jurisdictions is critical to thoughtful succession planning and wealth structuring."

"Our Delaware-based trust platform offers the flexibility Barclays Wealth clients need to meet the challenges common to high net worth individuals and families," said Mitch Cox, Head of Barclays Wealth in the Americas.

Barclays Wealth has 13 offices in the Americas, including its trust company office, and provides comprehensive wealth management to high net worth individuals and families. Neither Barclays Wealth nor its employees render tax or legal advice.

About Barclays Wealth Trustees (U.S.), NA

Barclays Wealth Trustees (U.S.), NA is a unit of Barclays Bank PLC.  "Barclays Wealth Trustees" refers throughout this press release to Barclays Wealth Trustees (U.S.), NA. Barclays Wealth Trustees (U.S.), N.A. ("BWT") is a national bank limited to fiduciary activities, subject to regulation and examination by the Office of the Comptroller of the Currency (the "OCC").  BWT is an indirect, wholly-owned subsidiary of Barclays Bank Plc. ("Barclays") and an affiliate of Barclays Capital, Inc. ("BCI") and various other subsidiaries of, and entities affiliated with, Barclays.

Barclays Bank PLC has a 60-year history in the trust business and an established presence in several trust jurisdictions worldwide. The bank began its trust company on the island of Jersey in 1948. It subsequently opened an office in the Isle of Man in 1959. In order to cater to a growing Latin American clientele, it expanded into the Cayman Islands in the early 1980s. More recently, it has expanded to Singapore and India. Today, the trust business numbers 10 offices worldwide and manages billions of dollars in assets on behalf of Barclays' clients.

About Barclays Wealth

Barclays Wealth is a leading global wealth manager, and the UK's largest, with total client assets of $272bn (170bn pounds Sterling) as of 30 June 2011. With offices in over 20 countries, Barclays Wealth focuses on private and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services and brokerage.

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and experience in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends and invests money for customers and clients worldwide

For further information about Barclays Wealth, please visit our website www.barclayswealthamericas.com.

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 investment advisor, regulated by the U.S. Securities and Exchange Commission. The registered office of Barclays Capital Inc. is 745 Seventh Avenue, New York, NY 10019. Barclays Bank PLC is registered in England and Wales (registered no. 1026167) with a registered office at 1 Churchill Place, London, E14 5HP, United Kingdom. Barclays Bank PLC is authorized and regulated by the Financial Services Authority. Member SIPC.

SOURCE Barclays Wealth