The Lehman Brothers PIM business operates separately and independently from the asset management business, offering both proprietary and non-proprietary products.

The business has assets of $50 billion, 12 offices in the US and South America and approximately 850 employees. In a statement Barclays says that the new partnership brings scale, talent and expertise to Barclays Wealth.

As part of the acquisition, Jack Petersen, global head of PIM, will become a managing director of Barclays Wealth, reporting to Thomas Kalaris the firms’ global chief executive.
 
Mr Kalaris said: “We have for some time talked publicly about our ambitions to enter the US; the world’s largest wealth management market. This acquisition gives us a tremendous opportunity to accelerate our strategy; moving from a standing start to a significant presence in a very short space of time. This is an exciting move and we welcome Jack and his team at PIM to Barclays Wealth.”

Jack Petersen said: “We are excited about our partnership with Barclays Wealth. The Barclays platform offers our clients global private banking services and a broad, diverse suite of products. It also ensures the safety of their assets, which is particularly important in these volatile markets. This acquisition will enable us to build on our success with a new partner.”

The statement says that over the next few months the firms will work to transition PIM into the Barclays Wealth business and to realise the benefits from combining the two organisations.