Barclays Bank of Kenya managing director Jeremy Awori. PHOTO | FILE
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Barclays has launched its stock brokerage subsidiary following in the footsteps of lenders seeking a piece of the investment trade pie.
A new round of poaching talent could start after Barclays Bank of Kenya snatched top executives from leading brokerages as it seeks to gain a toe-hold in the investment banking business.
The bank has launched its stock brokerage subsidiary, Barclays Financial Services Ltd (BFSL) — following in the footsteps of lenders seeking a piece of the investment trade pie — and raided SBG Securities and African Alliance for staff.
“BFSL is set to bring far more to the Kenyan market than a solid capital base, embedded continental reach and a market-leading brokerage team. We have combined these elements for a purpose, and that is to launch new services, new investment options and a new level of research in our stock broking market,” said Barclays Kenya MD Jeremy Awori.
The brokerage, licensed early this year, has head-hunted Anthony Wangari from SBG Securities — where he was head of fixed-income trading — to be its senior equity sales trader.
He has in recent years held senior roles at Faida Investment Bank, African Alliance Securities, and the Nairobi Securities Exchange.
Mr Wangari has 17 years of experience in equity and debt trading, structuring placements and sponsor negotiations and is a holder of an MBA in strategic management from USIU.
Barclays, which becomes the 24th trading participant at NSE, has also head-hunted Tito Munene Namu from African Alliance to be senior equity sales trader.
The BSc Information Systems Technology graduate from USIU previously worked at Equity Investment Bank and Renaissance Capital and has nine years of experience in trade execution and transaction management.
The Barclays brokerage will be headed by Anthony Kirui, who is the bank’s head of markets and a veteran broker with more than 15 years of experience.
He was previously country treasurer for Barclays Bank of Uganda and a former head of trading at Barclays Kenya.
A Business Studies degree holder from the University of Wales, Mr Kirui is in charge of derivatives, equities, rates, fixed income and foreign exchange sales and trading for Barclays Kenya.
On Friday Mr Awori said the lender was relying on the team of veteran dealers to play a “significant” role in the investment banking sector.
Mr Awori said the new outfit will rely on the bank’s solid capital base and an Africa-wide stock broking operation of over 330 staff to leap-frog its local rivals after years of missing out on revenue from both trading and advisory work arising out of increased investment in Kenya by foreigners.
Barclays is currently implementing a diversification strategy to boost its balance sheet.
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