Coutts Puts Own Stamp On Scotland
NatWest-owned Coutts is rebranding its private client services in Scotland after realigning business interests in the region earlier this year.
Following the sale of its Adam & Company investment business to Canaccord Genuity WM back in April, Coutts is flying under its own brand in Scotland.
Announcing changes yesterday, NatWest-owned Coutts and sister business Adam & Company will rebrand jointly in Scotland until next year when Adam & Company is fully merged with Coutts, subject to legal approvals. Previously, Coutts had only marketed its private banking services in Scotland under the Adam & Company brand.
NatWest sold the Adam & Company investment side of the business to Vancouver-based Canaccord Genuity in April for £54 million. Coutts said that Canaccord may continue using the Adam & Company brand for the investment management side of the business.
Long-time market leader at Adam & Company Alisdair Dewar will manage the business in a new role as head of Coutts Scotland and oversee a network of offices in Edinburgh, Glasgow and Aberdeen.
The move will offer clients more convenient and broader access to private banking, flexible lending, and other services in the region, Coutts said, as well as being able to tap the larger investment and asset management services of NatWest.
"A big focus going forward is to create value beyond products and services by helping clients achieve their goals without compromising their values. Doing well by doing good can go hand in hand," CEO Peter Flavel said.
The private bank has been working hard to differentiate itself in the ESG and sustainable investment space as investors increasingly want these considerations baked into their portfolio choices.
Earlier this year, Coutts gained the coveted B Corp status, whereby businesses submit stringent annual reporting data to show that they are balancing purpose with profit. It has also signed up to a raft of sustainable reporting initiatives, as have many of its wealth management peers. These include the Financial Reporting Council and a relaunched UK Stewardship Code requiring firms to submit their ESG methods and progress.
Edinburgh, where Dewar is based, is also being watched for Scotland's investment future as managers weigh how far devolution from Westminster will go.
“Scotland is an important part of the NatWest Group’s heritage and through our network of Scottish offices and experienced locally-based teams, our commitment to our clients and colleagues remains unwavering," Flavel said.