RBS 2004 Annual Report Download - page 39
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Annual Review and Summary Financial Statement 2004
Divisional review
37
Wealth Management provides
private banking and investment
services to its global clients
through a number of leading UK
and overseas private banking
subsidiaries and offshore banking
businesses. It has a network of
more than 50 offices globally.
During 2004 Wealth Management
expanded its business in the UK
and internationally and completed
the integration of Bank von Ernst.
Its total income increased by
17% to £948 million.
Wealth Management expanded its client
base – particularly in the UK, where client numbers
grew by 8%.
Average loans to clients grew by 9%, while
average client deposits grew by 4%.
Investment assets under management
increased by 7%, allowing for exchange rate
movements, and excluding acquisitions and
disposals.
Coutts continued to enhance its position
as the leading private bank in the UK. Coutts
increased the number of private bankers across
its regional network by 38%.
Adam & Company continued its ten year
record of profit growth, benefiting from continued
investment in additional private bankers.
Investment programmes within Wealth
Management have grown by 25% to US$17 billion
and continue to perform competitively against
industry benchmarks. Coutts is a significant
investor in multi-manager hedge funds with more
than US$6 billion invested.
Outside the UK, Coutts completed the
integration of Bank von Ernst, which was acquired
in 2003, to create Coutts Bank von Ernst, which
is now the third largest foreign-owned bank in
Switzerland.
Coutts Asia celebrated ten years in Hong
Kong in 2004. Coutts continues to expand its team
of private bankers in Hong Kong, to take advantage
of rapid economic growth in the region.
Awards
Coutts
– Best UK bank for wealthy entertainers
– Best UK bank for wealthy sports players
– Best for super affluent
Euromoney
Best use of long-only multi manager
structures
Private Asset Managers
Awarded Cool Brand Leaders status
The Superbrands organisation
Customer Contact Centre of the Year Finalist
National Customer Service Awards