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January 28, 2021

Coutts redevelops £5bn private office arm as Coutts Family Office

By Verdict Staff

British private bank Coutts is redeveloping its Private Office unit under the Coutts Family Office (CFO) name.

The move will bring together strategic partnerships from within NatWest Group as well as relationships with external providers in a single team. This is said to offer a broader range of services to domestic and international family offices and UHNW clients.

CFO provides tax and inheritance planning to UHNW clients and the ability to support their philanthropic goals.

Led by head of family Office and UHNW Warren Thompson, the clients will now be provided with asset finance advice on marine, aviation and automotive commodities through Lombard.

They will also gain access to a new HR support service dubbed Family Office at Home. This will be powered by NatWest Mentor.

Thompson said: “When we sat down as a team to discuss the evolution of the UHNW market both here in the UK and overseas, it was apparent that by bringing together the best of the bank and by developing strategic external partnerships we could build on the already-excellent Coutts offering to create something we believe is unrivalled in the industry.”

CFO, which currently oversees around £5bn in assets, intends to grow the figure through investing in strategic partnerships with external providers.

It has already partnered with asset manager giant BlackRock and UK-based fintech platform Flagstone, further boosting its services for its clients.

Thompson added: “Everything we do is driven by a desire to do the best by our clients.

“By combining our internal expertise and experience with carefully selected third-parties, investing in the team and updating the name we believe the revised proposition is perfectly placed to not just even reinforce our already-excellent client relationships, but better position us for growth than ever before.”

Commenting on the development, Coutts CEO Peter Flavel said: “We’re renowned for the personal touch, and the enduring relationships we have with our clients. But it’s our unrivalled ability to challenge and thought provoke in matters of family wealth, coupled with our extensive range of solutions and deep connections, that sets Coutts Family Office apart.”

Recently, it was reported that hedge fund firm Bridgewater Associates founder Ray Dalio is planning to launch a family office in Singapore to manage his investments and philanthropy across the region.

In June last year, investor services group IQ-EQ decided to launch a dedicated family offices services arm to support the cross-border requirements placed on family offices by UHNW families when protecting and growing capital.

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