Published by AsianPrivateBanker – 6th March 2015
A former executive director of Coutts has left the bank after ten years to join Standard Chartered Private Bank.
Andrew Lo, who was involved in senior management at Coutts Hong Kong branch, has joined Standard Chartered in a similar role. The move was confirmed by spokesperson from Coutts. Lo joined Coutts, the wealth management arm of RBS that counts the Queen among its clients, In August 2005 as a senior vice president. Previously he was one of the first vice presidents at HSBC Private Bank to cover offshore China markets.
Coutts was put up for sale by RBS in the summer of 2014. A winning bidder is expected to be revealed in the next few weeks. DBS is the latest name to be ruled out of the running.
Coutts has US$15 billion in assets under management (AUM) at the end of 2014 – down 5% and the only bank in the top 20 banks to see a decline, according to the latest Asian Private Banker AUM tables. Standard Chartered Private Bank has US$45 billion in AUM, up 11%.
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