Sarwar in Shariah investment start-up

BARCLAYS Wealth investment banker Saftar Sarwar has left the bank to launch his own boutique business specialising in general and Shariah-compliant investment products.

Following the completion of regulatory clearances he aims to establish a firm with 50 million of assets under management in the next year to 18 months providing wealth management services as well as specialist advice to corporates and government.

Sarwar will initially target private clients with investments between 10m and 50m. There will be a range of products, as well as hedge, private equity, and energy market funds linking in to key providers in London, mainland Europe and the Gulf.

"There is an opportunity to make these (funds] more accessible to a private wealth audience," said Sarwar.

Sarwar is a member of the UK's Islamic Finance Council, a body working to promote Shariah compliant finance sector, and he will offer Islamic investment products available through Barclays, Standard Chartered and HSBC as well as "bespoke" products.

As one of the most high profile financial services professionals in Scotland's Asian community, Sarwar said the firm – as yet unnamed – would be based in Scotland, but that it would also be focused on London, the Middle East and Africa.

"You can't get away from the fact the energy and movement happen in London. You have to be there," said Sarwar.

Sarwar is another loss to Barclays Wealth Scotland after rival investment management firm Williams de Broe lured a team of directors away in 2008 to establish its Edinburgh operation.

But in December, Duncan Gourlay joined Barclays as a private banker from Royal Bank of Scotland-owned Adam & Co, where he had been an associate director for five years.

Barclays Wealth said that it "doesn't comment on past or present employees".