Coutts claims: 'We want to be known for investment management'

Coutts & Co chief executive Michael Morley has revealed his strategic plan for the private bank to become better known for its investment expertise and the primary wealth manager in the land.

Morley (pictured) said the Royal Bank of Scotland-owned private bank is in the process of expanding the areas of expertise for which the Coutts brand is associated with.

He told Citywire: ‘I think it’s fair to say historically we have been best known as being a private bank, strong in banking, credit and wealth structuring, as well as offering clients advice on philanthropy.

‘We have also always had a strong investment proposition but we’ve never been known for it.’

Recruitment drive

Morley said Coutts was in the process of hiring investment consultants to work with private bankers and financial planners. ‘It’s part of a strategy to be a holistic wealth manager and part of a plan to be the primary wealth manager in the country.’

‘We are looking to hire a number of investment consultants who will work with our private bankers and enable us to talk to clients about both sides of the personal balance sheet.’

Meanwhile, several members of the investment management team have been visiting Coutts branches across the UK to highlight to clients the private bank’s capabilities in managing assets on both a discretionary and an advisory basis.

Morley would not be drawn on the numbers of investment consultants that are to be hired by the private bank but it is understood the number is significant.

Coutts, which is the largest company under the RBS Wealth umbrella, has client assets of £38.1 billion in the UK, with investments on behalf of those clients totalling £12.1 billion.