Psigma Investment Management has made a play for Barclays Wealth clients with less than £500,000, after the bank itself scrapped its bespoke service for lower net worth clients.
Wealth manager Psigma said it was "dismayed" by Barclay Wealth's actions late last year when it decided to service clients with less than £500,000 via a call centre instead of a private banker.
John Howard-Smith, chief executive of Psigma, said: "In our view, half a million pounds is still a lot of money and deserves a personalised service. We do not believe clients should be commoditised and are dismayed by Barclays Wealth's decision to handle these clients from a regional call centre.
"This move goes back to the age-old argument that people with this sort of wealth should be treated as clients, not customers."
As a result, Psigma is actively targeting those customers affected by Barclays 'short-termist' move, offering them a variety of inflation-plus solutions, bespoke portfolio management and risk-adjusted portfolios.
Howard-Smith said Psigma had been founded in 2002 as an alternative to the big bank culture of call centres and relationship managers. Instead, it aims to offer clients bespoke solutions and personal service.
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