View the article online at http://citywire.co.uk/wealth-manager/article/a746558
Coutts director Simon Clark exits
by Elsa Buchanan on Apr 22, 2014 at 13:43
Coutts investment director Simon Clark has resigned from the private bank, Wealth Manager can reveal.
Clark worked as an investment director in Coutts’ tailored portfolio services team and had been at the firm since 2011.
Prior to this, he worked at Barings as a private client manager, reporting to their former head of private clients John Maitland.
He also formerly worked at Brooks Macdonald as a director.
In March, Wealth Manager reported that staff at Coutts had been left reeling after learning their bonuses had beenslashed by up to 40% this year.
This figure proved much higher than the 15% fall in bonus payments at parent group RBS.
RBS recorded a pre-tax loss of £8.2 billion in 2013, while RBS Wealth – which includes Coutts and Adam & Co – saw its operating profit fall 10% to £221 million.
Earlier in the year, Coutts also named Arne Hassel as head of investments. He assumed the role from Gayle Schumacher, who moved into a different role within the firm.
The private bank also hired Credit Suisse Private Bank head of intermediaries Matthew Spencer.
Coutts declined to comment.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop
More about this:
More from us
- Coutts staff angered at bonus cuts
- Coutts names new investment head
- Coutts hires Credit Suisse PB intermediary head Matthew Spencer
On the road
by James Phillipps on Jul 23, 2014 at 14:34