The Middle East region offers substantial business opportunities for Barclays. Many of the largest Sovereign funds are based in this region as well as high net worth individuals and leading world class companies. All these clients are looking for investment management, wealth creation, risk management and financing solutions which IBIM is in a unique position to provide. The Sovereign fund market alone offers enormous opportunities and its assets under management are equal to the global private equity and hedge fund industries combined. These assets are growing at close to 20% per annum. The significant economic growth in the region is creating leading world class companies and generating considerable wealth and this presents a major opportunity for a trusted advisor to provide integrated investment banking and investment management services.
Bob Diamond, President of Barclays said,
"We are delighted Roger is taking on this additional important role and his expertise in investment banking and investment management will now be available to all Barclays clients in the region. Many of our largest Sovereign clients are based in the area as well as high net worth individuals and leading world class companies. Barclays has excellent capabilities in the region, and it is important that we have a well co-ordinated approach to deepen our already strong relationships with clients. Roger's wealth of experience and stature within Barclays will allow him to deliver significant extra value to clients in the region."