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Coutts director Simon Clark exits

Coutts director Simon Clark exits

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.

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