International wealth drives UK management hires

Private bank Coutts has hired a managing director within its international business in the UK to enhance links with its Asia operations, in the latest hire for the bank and for the wealth management sector.


Michael Mount has joined from HSBC where he was most recently managing director, global South Asian Diaspora, Europe and Americas at HSBC’s private banking business in the UK. He has also led business development at HSBC Private Bank UK, and was chief executive for HSBC Investment Bank’s international private banking operation in London.

At Coutts he will lead the Asia, Africa and non-resident Indian teams based in London.

The hire reflects the increasing amount of UK wealth that derives from international locations.

The international focus is also evident in hires at rival private bank Kleinwort Benson, which has made two senior appointments within its offshore private wealth management business.

Andrew Warren has joined as head of business management from Deutsche Bank, where he spent 10 years. He was most recently head of the relationship service team, where he was responsible for private clients in the Channel Islands, Middle East and Africa regions.

Jonathan Hibbs has joined as private wealth management support team leader, also from Deutsche Bank where he was an account manager in the private team.

Separately, another wealth management acquisition has surfaced. Swiss boutique Falcon Private Bank has agreed to acquire Credit Suisse Group’s subsidiary, Clariden Leu (Europe) for an undisclosed amount.

Clariden Leu offers wealth and asset management services to private clients in eastern Europe, the Middle East and Africa, as well as other emerging markets. The deal is expected to close in the first quarter of 2013, subject to legal and regulatory approvals.

But one wealth manager is out to use what it has already got, rather than acquire rivals: Barclays is evaluating the existing expertise within the bank, establishing a centre of excellence for asset management.

A spokeswoman said: “This ties in to the firm’s ambition to integrate its core efficiencies and harness all resources across the business for the benefits of our clients.”