Mumbai: British bank Barclays today said it will ramp up its manpower at the wealth management division here by up to 15 percent this fiscal, even as gloomy economic conditions make the going difficult for its peers.

"We will add 12-15 percent (4-6 people) to our client facing staff this fiscal," Barclays wealth and investment management chief executive Satya Narayan Bansal told reporters here.

The British lender, which has been drawing down its retail lending activity in the country and is embroiled in the Libor rate rigging scandal, currently employs 120 people in its wealth management business, of which, 40 are field staff, Bansal said.

A majority of the new hires may come from investment and corporate banking space as well, Bansal said, adding that one-fourth of its force is currently from the corporate banking background.

He said the wealth management or private banking industry is in a phase of consolidation at present as business is getting thinner due to gloomy economic conditions, but stressed that his company is unaffected by it.

The weaker players will go out of business, Bansal said, adding Barclays is open for any growth opportunity, but added that acquisition is not part of its growth strategy.

More: 17 Pct of Indian Working Women Face Sexual Harassment at Workplace

The regulators decision to allow direct selling of insurance and mutual funds will also have an adverse impact on the domestic industry as a majority of the players derive maximum revenue through distribution of these products, Bansal said, stressing that for Barclays, the impact will be minimal as its income is distributed.

"Our growth journey has been good since starting business in November 2008. We are growing by 30-35 percent on assets under management and revenues, which is twice the industry average, and the business is in line with expectations," Bansal said.

More: One Skill That Will Instantly Boost Your Job Opportunities

When asked about the impact of events like the one with its parent in London as well as the domestic one while working with the high net worth individuals, Bansal said it is not much as the clients do appreciate that mistakes do happen.