Mr Fraser spent his career at Fidelity International, where he held a number of positions, including CIO from 1999 to 2005, president of Fidelity international's European and UK institutional business and latterly president of the investment solutions group.  He stepped down from executive responsibilities at the end of 2008.

Barclays' private client unit, Barclays Wealth, had £145 billion in client assets globally at 31 December 2008. It serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, fiduciary services, investment management and brokerage.