Barclays Wealth plans to spend approximately £230 million overhauling its technology and infrastructure, it has been confirmed, as part of a bid to grow the business dramatically over the next five years.

A new cutting edge IT platform will be launched as part of the overhaul at the wealth management business, which manages and invests the money of the bank’s most affluent clients. The platform will “take the best” from other technology used by the group, a spokesperson told CIO sister title Computerworld UK.

No details have been made public on which technology the platform will be based around. But the new platform is billed as being “state of the art”, according to the Financial Times, which reported the investments.

The new platform will focus on making it easier to monitor clients’ accounts, as well as setting up accounts for new customers.

The bank is also spending approximately £120 million in a bid to hire several hundred new staff to the wealth management division. The division has about five percent of the UK market, the FT reported, and manages £151 billion worth of assets.

Barclays recently completed the integration of Lehman Brothers’ US business, which it bought in 2008 as Lehman entered administration.

In other Barclays news, the bank in January decided not to renew a £400 million, six-year application development deal with supplier Accenture, for "commercial reasons". It also ended a desktop services contract with Getronics. It declined to give details.

The company has been extensively cutting IT staff. Last May it emerged Barclays would cut 700 IT staff by the end of the year, reportedly offshoring work to Singapore, Hungary and India.