Barclays Wealth sees value of IT

The wealth management arm of Barclays Bank is investing hundreds of millions of pounds in technology after being given additional budget by the board.

Barclays...

The wealth management arm of Barclays Bank is investing hundreds of millions of pounds in technology after being given additional budget by the board.

Barclays has approved the extra money in an attempt to win market share from its bigger competitors in the wealth management sector.

The company has revealed it has an extra £350m spend available and has committed two-thirds of the funds to a combination of technology platform and its product portfolio,according to the Financial Times,

"We have an extra £350m additional spend and two-thirds of this will be invested in products and the IT infrastructure," said a Barclays spokesman.

The remaining one-third will be spent on people, said Barclays Wealth.

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