Coutts & Co, the private banking arm of Royal Bank of Scotland, aims to treble the size of its Private Office team over the next three years, Reuters reports, following an interview with Duncan MacIntyre, head of the division.
Coutts & Co, the private banking arm of Royal Bank of Scotland, aims to treble the size of its Private Office team over the next three years, Reuters reports, following an interview with Duncan MacIntyre, head of the division.
Coutts Private Office, which manages £4.5 billion (around $7.6 billion) in assets on behalf of 180 clients, currently has seven bankers and Mr MacIntyre said he wants to boost his team to 23 by 2013. Six bankers will be added by the end of next year, he is reported to have said.
The recruitment drive will be focused on the UK, with the unit also looking to expand into Asia and the Middle East. “The UK for us is still where it’s at,” said Mr MacIntyre, who estimates that 5,000 potential clients live in the UK. Clients of Coutts Private Office must be worth a minimum of £10 million and predominantly comprise entrepreneurs who have sold their businesses, along with those from the sports and entertainment industries.
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