Success fuels growth for Coutts

Jul 9 2008 by Peter McCusker, The Journal

THE success of the North East business community has helped fuel the growth of private bank Coutts since its arrival in the North East 10 years ago.

Staffed by seven people when it arrived in 1998, it now has 15 employees and earlier this year moved to larger premises to allow for further growth.

David Simpson, senior client partner at the Newcastle office, said: “Our decision to open a North East office back in 1998 has been vindicated with the region creating unprecedented levels of wealth.

“The rise of the regional entrepreneur has been startling with a strong proportion of wealth creation driven by personal enterprise and willingness to ‘go-it-alone’ in building a successful company. In addition we have also seen a major growth in the influence and wealth of executives and professionals such as; doctors, lawyers and accountants who have become increasingly influential in supporting their clients, employers and shaping the regional agenda.

“The last five years in particular has seen the Coutts Newcastle office go from strength to strength, driven by the growing number of wealthy individuals choosing to live in the region.”

In February, the team moved to new premises at Trinity Gardens, on the Quayside to accommodate its growth.

Peter Wagstaff, senior private banker at Coutts said: “We have been long noted as a business for traditional wealth but are also now established as one which serves enterprising regional figures, many of whom have secured their wealth and are still reinvesting in new ventures locally.

“Every day we meet new inspiring business people who are passionate about the North East and who are driving our economic prosperity further. This expanded wealth creates extended employment opportunities and has latterly created a remarkable economic renaissance, given the hurdles we have faced and those that still remain.”

Late last month Coutts celebrated its 10th anniversary in Newcastle by holding a champagne reception for more than 200 guests, including local entrepreneurs, professionals and members of the business community, at the Newcastle Marriot Hotel, Gosforth Park.

Coutts managing director, Nick Pollard said: “The rise in demand for the services Coutts provides is strong testament to the growth of wealth in the region.

“The office, which has grown consistently since its opening in 1998, continues to see high demand from its wealth management services throughout the North East.”