RBS 2003 Annual Report Download - page 35
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Wealth Management comprises
the Group’s private and offshore
banking businesses. We expanded
in the UK and completed the
acquisition of Bank von Ernst in
Switzerland. Low interest rates
and uncertain equity markets,
contributed to a small decline in
income of 3% to £879 million, but
customer numbers increased.
Total investment assets under management
continued to increase. In 2003 they rose by 33% to
£27.3 billion.
With a global network of 50 offices, Coutts
grew its client base by 29%.
Despite volatile markets, Coutts investment
programmes have grown by 25% to £5.2 billion and
continue to perform well against industry benchmarks.
Coutts is also one of Europe’s largest fund of
hedge fund managers, with more than £2.8 billion
invested in its range of alternative investments.
Coutts consolidated its position as the UK’s
leading private bank with significant investment in
the regional office network. We increased the
number of regional private bankers by 18% and
opened a new office in Liverpool, bringing the
number of regional offices in the UK to 16.
Coutts Asia has achieved rapid growth in
profits and a 36% increase in assets under
management.
Adam & Company completed ten years in
the Group as well as ten years of unbroken profit
growth. Client numbers grew by 9% in 2003.
The Offshore Banking Group is one of the
leading players in the UK Offshore market and has
offices in Jersey, Guernsey, Isle of Man and Gibraltar.
We were selected by British Airways as their
preferred partner for the provision of banking
services to their Executive Club members. The
members can now enjoy the benefit of ‘NatWest
Advantage International’, an innovative multi-
currency transactional account, which fulfils their
international banking requirements.
Awards
“Best Private Bank in the UK” – Coutts
Euromoney Magazine
“Best Private Bank in Western Europe” –
Coutts for:
High Net Worth individuals
Super-affluent and wealthy artists
Euromoney Magazine
1st place over one year – for our Euro
Currency Bond Programme on behalf of our clients
Standard & PoorÕs 2003
1st place over five years – for our Dollar
Bond Programme on behalf of our clients
Standard & PoorÕs 2003
Wealth Management
Annual Report and Accounts 2003
33