Nov 27, 2016

Barclays to combine banking and investment services

Barclays will bring its banking and investment services together in an overhaul of its 30-year old stockbroking operation to help the bank take on investment advisory rivals such as Hargreaves Lansdown. Barclays said the new platform, which will be open to all customers to manage savings, current accounts and investments, would be the first combined service of its kind, although similar features have been available to clients of wealth services that typically need a minimum in investable assets. The bank said existing Barclays Stockbrokers customers would be transferred across to the site - called Barclays Direct Investing - next year, marking the end of three decades of the Stockbrokers brand. Mr Dickinson said: "You'll struggle to find any other player in the marketplace that provides a full investment offering fully integrated with banking." He added: "This is an investment proposition that everyone will be able to access, even non-banking customers." In a similar move to Hargreaves Lansdown, the largest direct investment platform in the UK, Barclays will offer a core list of more than 50 funds that have achieved a certain level of performance.

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