In a move which reflects its continued growth ambitions, Coutts today announces a new management structure for its UK business, under the leadership of Michael Morley, Chief Executive of Coutts & Co.

The UK market will now be led by six regional Managing Directors all of whom will report to Michael Morley. In addition to the internal realignment, the new structure includes the appointment of Paul Smith who joins from HSBC Private Bank and who will have responsibility for all Coutts regional offices in southern England and Wales.

Mr Smith brings over 30 years’ financial experience to the UK management team, including 23 years of continuous private banking experience in the UK. He was instrumental in building HSBC Private Bank in the UK from its original start-up to over 750 bankers managing over £20 billion in client balances.

Michael Morley, said: “Earlier this year we set out our global ambition for Coutts but this clearly involves building our business in the core UK market. The new management structure will improve client focus and efficiency and I am delighted to welcome someone of Paul’s calibre to my management team. Along with my other regional Managing Directors, he will bring a great blend of client knowledge and business experience to the company.”

The Six Managing Directors will sit on the Coutts UK Management Committee

James Fleming will be Managing Director for London with responsibility for the Entrepreneurs, Landowners and Inpats client groups. James is a seasoned wealth management executive and moves from Coutts International where he had recently been leading the growth strategy for the Middle East.

Harry Keogh will be Managing Director for London with responsibility for the Professionals, Executives and Sports & Entertainments clients groups. Harry joined Coutts in 2009 and before that headed the RBS / NatWest private banking division. Recently he has been the Chairman of the Managing Partners group at Coutts.

Paul Smith will become Managing Director, South and Wales. Paul joins Coutts from HSBC where he was head of private banking and also Chairman of the Private Banking Advisory Panel for the British Bankers’ Association. He brings 23 years experience to Coutts gained in the private client industry and has considerable experience in building the private bank at HSBC.

Dylan Williams will be Managing Director, North and Ireland. Dylan joined Coutts as a graduate in 1998 working initially in London and subsequently in Manchester and was recently Managing Partner for the North West and North East.

Graham Storrie continues to be Managing Director, Adam and Company, and has market leadership responsibility for Scotland.

Steve Camm continues to be Managing Director, Retail and International Personal Banking and has market leadership for the Channel Islands, Isle of Man and Gibraltar.

The KBC group (‘KBC‘) has reached an agreement with Precision Capital for the sale of its dedicated private banking subsidiary KBL European Private Bankers (‘KBL epb‘) for a total consideration of EUR 1.050 billion, EUR 50 million of which depend on the results of KBL epb (‘conditional earn out’).

• Precision Capital is a Luxembourg entity, a company representing the business interests of a Qatari investor.
• KBL epb is one of Europe’s largest onshore private banking groups with affiliated local banks in numerous locations across nine European countries: Belgium, France, Germany, Luxembourg, Monaco, the Netherlands, Spain, Switzerland and the United Kingdom.
• As at 30 June 2011, KBL epb had assets under management of EUR 47 billion, assets under custody of EUR 38.2 billion (and, through a 51.13% stake in EFA, assets under administration of EUR 87.5 billion).
• The transaction comprises the sale of KBC’s entire interest in KBL epb and includes all the private banking subsidiaries as well as the custody and life insurance businesses of KBL epb.
• The KBL epb brand, management team and operations will be maintained in their entirety and KBL epb will continue to be headquartered in Luxembourg.
• The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2012.
• The transaction will release a total of approximately EUR 0.7 billion in capital for KBC, resulting in a 0.6 % increase in KBC’s tier-1 ratio. In addition, over the last 18 months, some EUR 115 million in capital have already been released as a result of a reduction in risk-weighted assets. The transaction will have a negative impact of approximately EUR 0.4 billion on KBC’s third-quarter P&L.
• KBC will continue to offer private banking services in Belgium and Central and Eastern Europe through its KBC-branded private banking businesses.

Jan Vanhevel, KBC Group CEO: ’The least we can say is that the market circumstances of the last few months have been particularly challenging. All the more reason why we are pleased to be able to announce today’s deal. This agreement marks a crucial step in implementing our refocus strategy, while at the same time providing continuity, stability and certainty to the customers and staff of KBL epb. The agreement will allow KBC to release a significant amount of capital, to reduce our risk profile and to further strengthen our focus on the core bancassurance expertise and markets of Belgium and Central and Eastern Europe. It is also reassuring to see that a Qatari investor recognises and values the strengths and potential of a European private banking group. Precision Capital believes it can grow KBL epb organically onshore and through strategic opportunities and also wishes to further capitalise on links with the Middle East and Asia.

On a personal note, it is with regret that I say goodbye to our KBL epb colleagues, with whom we have worked together successfully for many years. I especially wish to express my appreciation for the hard work and commitment they have shown, giving their customers the same high-quality service in these challenging circumstances and during the period of uncertainty of the last few months. I am convinced that Precision Capital will provide KBL epb with ample growth opportunities, secure the future of KBL epb’s staff and continue to offer excellent customer service.’

Jacques Peters, KBL epb CEO: ’We are pleased with the agreement which has been signed and which allows us to end this period of uncertainty. We can now look to the future with more confidence. Precision Capital will be for us a leading partner who is committed to supporting our customer-driven business model and strategy with a long-term perspective. With Precision Capital, we will be able to work closely together with the aim of tapping into new markets, in particular in the Middle East and Asia. We are convinced that our private banking clients, our staff and the Luxembourg financial centre as a whole will benefit from the highly committed support of our new owner.’

U.S. Bank, a leading provider of wealth management and private banking services, announced today that Jonathan Firestein has been appointed the head of private capital for Ascent Private Capital Management of U.S. Bank, a unit of U.S. Bank’s Wealth Management Group that serves ultra high net worth clients with more than $25 million in individual or family wealth.

Firestein will lead the effort to construct the private capital investment platform for Ascent clients, including global investment strategies in venture capital, buyouts, private debt, real estate and real asset investment funds. He will also build the “impact” investment platform for Ascent clients, identifying global opportunities for clients to pursue investment opportunities with social and environmental impact as well as potential financial returns. Firestein will report to Kurt Silberstein, Ascent’s head of alternative investments.

“Jonathan’s previous experience in leading the construction of a global private capital investment platform and his focused experience in private equity make him well suited for this position,” Silberstein said. “Additionally, his background in economics provides him with a macro-economic perspective to guide the selection of private capital investment opportunities.”

Firestein brings more than 14 years of investment and business development experience to the Ascent investment team, including extensive experience in leveraged buyouts. He previously served as director of research for Wells Fargo Family Wealth and as a senior associate at Rigel Associates, a California-based private equity firm. Firestein earned a Masters of Science degree in economics and a Masters of Business Administration from Arizona State University. He graduated from the University of Arizona with a Bachelor of Arts degree in economics.

Firestein joined Ascent on August 8, 2011, and will work at the U.S. Bank office located at One California Street in San Francisco.

About Ascent Private Capital Management

Ascent Private Capital Management of U.S. Bank (ascent.usbank.com) helps individuals and families with significant wealth focus on the impact of their wealth rather than simply on accumulating that wealth. Ascent’s unique service delivery model combines traditional wealth management offerings — financial planning; investment management; private banking; trust and estate services; and financial administration — with cutting-edge “wealth impact” services that may help some of the country’s wealthiest families with family governance, family dynamics, and multigenerational wealth planning and education.

About U.S. Bank Wealth Management

U.S. Bank Wealth Management offers comprehensive wealth management solutions, including investment management, brokerage, financial planning, private banking, personal trust and insurance services for individuals, families, and their foundations. Ascent Private Capital Management serves ultra-high-net-worth clients with more than $25 million in investable assets; The Private Client Reserve (privateclientreserve.usbank.com) serves high-net-worth clients with more than $1 million in investable assets; and The Private Client Group serves affluent clients with more than $100,000 in investable assets. Brokerage services are offered through U.S. Bancorp Investments, Inc., and insurance services are offered through U.S. Bancorp Insurance, LLC.

Barclays Wealth, the global wealth management division of Barclays PLC, has appointed Ms. Anne Luke as Managing Director, Head of Client Solutions, Asia, on 10 August 2011, in a further extension of its continuing focus on the ultra high net worth client segment across Asia.

In this role, Ms. Luke will work closely with various units across the Barclays Group to drive the origination, structuring and delivery of bespoke private investment banking solutions to ultra high net worth clients. Typically, such transactions include large and complex deals which provide access to investments, manage financial risks or to provide structured financing across asset classes. Based in Singapore, Ms. Luke will report to Srinivas Siripurapu, Head of South Asia and Southeast Asia, as well as to Pakorn Boonya-kurkul, Head of North Asia.

In a career spanning more than 20 years, Ms. Luke has gained significant experience in private banking, investment banking, as well as in private legal practice. She spent a large part of her career with UBS, where she was responsible for wealth management solutions for the ultra high net worth client segment, and prior to that, she served the wealth management, investment banking and asset management divisions in the Legal and Compliance functions. She was also previously a partner in various law firms, covering banking and finance, as well as corporate advisory.

Mr. Didier von Daeniken, Chief Executive of Barclays Wealth Asia Pacific, said, “Anne has the skill sets and expertise in further enhancing our ability to leverage our expertise across the Barclays Group, and to deliver bespoke solutions and significant benefits to our client base across Asia. With her deep experience in banking and law, I am confident Anne will be able to further extend Barclays Wealth’s ability to provide customised complex solutions to our ultra high net worth client segment, and continue to drive our efforts in positioning Barclays Wealth as the wealth manager of choice for ultra high net worth individuals.”

In the past 18 months, Barclays Wealth in Asia has built a range of capabilities to cater to the complex needs of ultra high net worth clients. Recognising the sophisticated and diverse requirements of today’s ultra high net worth individuals, Barclays Wealth has introduced bespoke solutions in credit, derivatives, foreign exchange and trust structuring, to unlock the value from often complex portfolios, and help clients to monetise the full value of their assets.

In addition to providing the entire suite of private wealth management solutions, Barclays Wealth also caters to the sophisticated business needs of entrepreneurs in Asia, through drawing on the capabilities of Barclays Group, offering clients an array of other services including capital-raising activities, access to sector specialists and advisors, as well as institutional trading platforms.

Fieldpoint Private Bank & Trust has named John Palazzetti as the company’s Director of Private Banking & Advisory, who also will serve as President of the institution’s Fieldpoint Private Securities.

According to the firm, Mr. Palazzetti will oversee the firm’s branch expansion while leading the recruitment of Membership Executives who manage individual Members’ Private Banking, Wealth Management, Business Banking, Family Office and Trust Services.

Fieldpoint Private reported that it seeks to announce a third and fourth location in the United States later in 2011 or early 2012, as it officially opens the new offices of its current New York City branch at 400 Park Avenue during the fourth quarter of this year.

According to Robert S. Matthews, Fieldpoint Private’s President & CEO, Mr. Palazzetti will serve as the Director of Private Banking and Advisory, and will have primary responsibility for the build-out, supervision and structuring of the Fieldpoint Private branch system including sales, recruiting, operations, staffing, professional development, compensation, and expansion planning for the two current locations of Fieldpoint Private (Greenwich headquarters and its New York City office), as well as future locations. Mr. Palazzetti also will have direct responsibility for the recently acquired Broker Dealer announced last month, as it becomes part of the Fieldpoint Private Securities affiliate.

The announcement was made by President & Chief Executive Officer Robert S. Matthews, who said, “John’s work at Morgan Stanley Smith Barney and Merrill Lynch has been marked by success at every stage. In helping to lead Morgan Stanley Smith Barney’s branch network, as well as managing branches in New York City, Boston and New Jersey, Palazzetti consistently ranked among the top 10 branches in various performance metrics, including assets under management and account loyalty.”

“He engenders loyalty, understands the value of relationships, believes in the importance of leading with intellectual capital, and is the perfect choice to serve Fieldpoint Private’s Members in the ultra-high net worth community,” Matthews said. “John has distinguished himself as an Advisor, Branch Office Manager, Chief Administrative Officer, and Head of Professional Development.”

Most recently, Mr. Palazzetti served as Managing Director and Director of Professional Development with Morgan Stanley Smith Barney, where he helped to develop the firm’s field management, Financial Advisors and Home Office employees. He also was a member of the company’s Executive Management Committee and Wealth Management Operating Committee. Previously, he served as Chief Administrative Officer at Smith Barney, where he oversaw the Private Client Retail Branch System.

Mr. Palazzetti began his career in 1987 as a Financial Advisor at Merrill Lynch. He earned his Bachelor degree in Business Administration from Pace University. A resident of New Jersey, Mr. Palazzetti initially will work from Fieldpoint Private’s office in Greenwich, and subsequently in the firm’s New York City office.

About Fieldpoint Private Bank & Trust
Fieldpoint Private Bank & Trust (www.fieldpointprivate.com), located in Greenwich, Connecticut, is a boutique financial firm providing the highest degree of personalized, confidential wealth planning and private banking services. Catering to highly successful individuals, families, businesses and institutions, Fieldpoint Private offers a powerful combination of Wealth Management and strategy, Family Office, Private Banking and Business Banking services addressing every financial need for each of our Members including: Wealth Transfer Advice, Tax Planning, Aggregation and Performance Reporting, Risk Management, Goals-Based Investing Strategies, Sophisticated Investment Selection, Discreet and Personalized Banking, Highly Customized Credit Solutions, Custom Custody and Trust Solutions, Highly Attentive/Responsive Service and Concierge Services.

Fieldpoint Private Bank & Trust was established in 2008 by 31 Founders with a specific vision and purpose. These extraordinary leaders of industry and community recognized the opportunity to create a financial firm totally attuned to people’s individual circumstances. Our firm is built on a philosophy of exclusive Membership and client-centricity. Working with a limited number of relationships gives every person the experience of belonging to an extremely selective group. The result is a new breed of institution established on the basis of personalization, responsiveness, and exclusivity, and an ensured commitment to impeccable service and consistently flawless execution. Our Member-oriented service approach offers a unique client experience custom crafted to each Member’s financial needs.