Coutts Private Office has hired former Barclays Wealth director,
Maeve Colley-Russell, as a senior client partner to bolster
the private banking unit.
The hire follows claims by Rory Tapner, chief
executive of RBS’s wealth division, who told PBI earlier
this month, that the bank had recently seen a rise in interest from
executives at rival firms.
Go deeper with GlobalData
Rival hire
Colley-Russell will serve the private bank’s
ultra high net worth (UHNW) clients, with average assets of £30m
($47.6m) in net worth, or with more than £10m in investable
assets.
At Barclays Wealth, where she spent five years,
Colley-Russell served as a director responsible for
UHNW clients.
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By GlobalDataPrior to that, she held positions at Credit Suisse Private Bank
and Union Bancaire Privée.
A focus on UHNW: brand-building
Tapner said that Coutts, like its competitors,
will target business growth in the UHNW segments.
But he added the business had to be developed
“with care and in a smart way”.
“The marketing function is really important –
to promote the whole range of Coutts’ best-in-class services, such
as advisory and philanthropy,” he said.
Tapner added: “At present, two thirds of our
business is in the UK and the rest [is] international. I would
expect that ratio to be reversed over time as we embark on our
global build out.”
Coutts, the private banking arm of RBS, has
about 74,000 clients in the UK, ranking second to Barclays
Wealth.
Coutts’ most recently reported assets under managment stand at
£3.7bn ($5.8bn).
