STREET MOVES: Barclays Wealth Hires Investment Reps in Atlanta

17th Jun 2010 14:36

By Thomas Coyle Of DOW JONES NEWSWIRES Barclays Wealth, the wealth management unit of London-based Barclays PLC (BCS, BARC.LN), has hired Don Milich and Clifford Wang, formerly brokers with Morgan Stanley's (MS) Private Wealth Management group, as investment representatives in Atlanta. They report to Linda Eydt, manager of Barclays Wealth's operations in and around Atlanta. As part of an expansion campaign in the Americas, Barclays Wealth said it hired more than 50 investment representatives last year and plans to add more than 100 before this year is out. Milich and Wang joined Barclays Wealth on June 4, according to documents provided by the Financial Industry Regulatory Authority. They left Morgan Stanley Private Wealth Management last June, within weeks of its becoming part of a retail-brokerage joint venture with Citigroup Inc.'s (C) Smith Barney. They moved to Morgan Stanley in July 2007 from Deutsche Bank AG's (DB, DBK.XE) U.S. brokerage subsidiary. In a press release, Barclays Wealth chief Mitch Cox lauded Milich and Wang's "deep understanding of the regional [wealth management] business." Just before the economic downturn that started in 2007, Atlanta had one of the fastest-growing millionaire populations in the U.S., according to Claritas, a San Diego market-research firm. Barclays Wealth managed around $241 billion at the end of 2009. -By Thomas Coyle, Dow Jones Newswires; 207-631-4235; [email protected] (END) Dow Jones Newswires June 17, 2010 09:36 ET (13:36 GMT)