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77-643: Coutts & Co. / ˈ k uː t s / is a British private bank and wealth manager headquartered in London , England. Founded in 1692, it is the eighth oldest bank in the world . Today, Coutts forms part of NatWest Group 's wealth management division. In the Channel Islands and the Isle of Man , Coutts Crown Dependencies operates as a trading name of The Royal Bank of Scotland International Limited. In 2021, Coutts achieved B-Corp status, becoming only

154-663: A baronet, and he left a fortune estimated at £700,000 with newly-acquired estates at Amesbury (Wilts) and Rutherford (Roxburghshire). Thomas Coutts married twice. His first wife, a servant named Susannah Starkie, gave him three daughters nicknamed "The Three Graces" who eventually married leading figures in British society: the Earl of Guilford , the Marquess of Bute and Sir Francis Burdett . Thomas also had four sons who died in infancy. When Susannah died, he remarried just four days after

231-413: A clause in her stepgrandmother's will forbidding her heir to marry a foreign national was invoked and Burdett-Coutts forfeited three-fifths of her income to her sister. Burdett-Coutts spent the majority of her wealth on scholarships, endowments, and a wide range of philanthropic causes. One of her earliest philanthropic acts was to co-found (with Charles Dickens ) a home for young women who had "turned to

308-556: A client, not just based on financial assets. In 2001 prospective clients needed at least £500,000 in disposable funds; in 2022 potential clients are asked "Are you looking to borrow £1m+?", or to use the bank's investment advisory services for assets over £1m. Between 2011 and 2015 Prince Charles accepted €3 million in cash from the prime minister of Qatar , Hamad bin Jassim bin Jaber Al Thani . The funds were said to be in

385-578: A great deal of money to the bank when the Mississippi Company bubble burst in 1720 and the English stock market collapsed in the same year. Stability for the bank did not return until 1735. John's son, George Campbell was also a partner, and ultimately became the sole partner after the death of Middleton in 1747, after which the bank was renamed the "Bankers of 59 Strand". In 1755, John Campbell's granddaughter, Mary (known as "Polly"), married

462-413: A life of immorality", including theft and prostitution. The home was known as Urania Cottage . She avoided taking sides in partisan politics, but was actively interested in improving the condition of indigenous Africans, or the education and relief of the poor or suffering in any part of the world. Though she made no special distinction of creed in her charities, Burdett-Coutts was a notable benefactor of

539-504: A loss due to its failings in selling AIG Life Premier Bonds. A run started on the fund following the 2007–2008 financial crisis . Coutts customers had £748m invested in the fund when it was suspended in September 2008, but were only allowed to withdraw half of their investment. Many transferred the remaining 50% to a non-interest-bearing recovery fund until July 2012. The FSA said Coutts failed by giving advisers inadequate training around

616-571: A lower price than traditional private banking. These are called premium banking or priority banking services. They are meant for mass-affluent customers. The accounts do not generate as much revenue as traditional private banking, but given the number of customers, can provide sizeable revenue to the bank. In 2016, Credit Suisse and UBS replaced the phrase "private banking" with "wealth management"; private banking has faced reputational risk as an area for tax avoidance or even tax evasion . Private banking services are only accessible to customers with

693-409: A merchant and banker, James Coutts . Polly was George Campbell's niece and George immediately made James a partner. The bank became known as Campbell & Coutts , with James running the business and becoming sole partner following Polly's and George's deaths in 1760. George bequeathed most of his fortune, and the bank, to James. In 1761 James took his brother Thomas Coutts into the business, which

770-475: A minimum amount of investible assets. For instance, in 2016, J.P. Morgan began requiring a minimum of $ 10 million in assets to qualify for private banking, with those with less being moved into their Private Client Direct program. Nevertheless, this seems to be an exception as a majority of banks establish the minimum threshold between $ 500,000 and $ 1 million. Indeed, private banking customers are frequently segmented according to their wealth. HNW are customers with

847-448: A percentage of AUM (e.g. 0.75% of entire AUM). A few banks offer both a transactional model and an advisory model. The clients choose what suits them. A recent industry trend is towards the advisory fee model, because margins on commissions may go down in the future. Angela Burdett-Coutts, 1st Baroness Burdett-Coutts Angela Georgina Burdett-Coutts, 1st Baroness Burdett-Coutts ( née Burdett ; 21 April 1814 – 30 December 1906)

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924-608: A total worth between €500,000 and €5 million; very high net worth individuals (VHNWI), with assets ranging between €5 million and €30 million; and ultra high net worth individuals (UHNWI), with wealth in excess of €30 million. In terms of AUM, the world's 10 largest private banks (or private banking divisions/subsidiaries of large bank holding companies ), as of 2019, are: Results from Euromoney's annual private banking and wealth management ranking in 2019, which consider, amongst other factors, assets under management (AUM), net income and net new assets. UBS Global Wealth Management took

1001-460: A yearly percentage of the total investment amount. "Private" can also allude to bank secrecy and minimizing taxes through careful allocation of assets, or by hiding assets from the taxing authorities. Swiss and certain offshore banks have been criticized for such cooperation with individuals practising tax evasion. Although tax fraud is a criminal offence in Switzerland, tax evasion

1078-401: Is now possible to open private banking accounts with as little as $ 250,000 for private investors. An institution's private banking division provides services such as wealth management, savings, inheritance, and tax planning for their clients. For private banking services, clients pay either based on the number of transactions, the annual portfolio performance or a "flat-fee", usually calculated as

1155-769: Is only a civil offence , not requiring banks to notify taxing authorities. In Switzerland, there are many banks providing private banking services. Switzerland has remained neutral since the Congress of Vienna in 1815, including through two World Wars. After World War I, the former nobles of Austro-Hungarian Empire moved their assets to Switzerland for fear of confiscation by new governments. During World War II, many wealthy people, including Jewish families and institutions, moved their assets into Switzerland to protect them from Nazi Germany. However, this transfer of wealth into Switzerland had mixed and controversial results, as beneficiaries had difficulties retrieving their assets after

1232-536: Is still on the Strand. Campbell died in 1712, leaving the business to members of his family. The dominant force was Campbell's son in law, George Middleton, who had become Campbell's partner in 1708. During Middleton's stewardship, the bank was buffeted by one crisis after another. The Jacobite rising of 1715 threatened the stability of the banking system; and John Law , the Comptroller of France's finances, owed

1309-442: Is unbiased. They believe there is no incentive to push proprietary products, and the client gets the best of what they offer. A few banks claim to have a "strong advisory team" that reflects in the products they offer the client. A couple of banks also define their value proposition on their unified platform, their ability to comply with all regulations, yet serve the client without restrictions. Open architecture product platform

1386-445: Is where a private bank distributes all the third party products and is not restricted to selling only its proprietary products. Closed architecture product platform is where the bank sells only its proprietary products and does not entertain any third party product. These days the needs of the clients are so diverse that it is practically impossible for a bank to cater to those needs by its proprietary products alone. Clients today demand

1463-599: The Archbishop of Canterbury , attempted to prevent the marriage, while Queen Victoria herself, with whom the Baroness had often dined, tried to prevent what she called the "mad marriage". The Queen wrote to Lord Harrowby saying that it would grieve her much "if Lady Burdett-Coutts were to sacrifice her high reputation and her happiness by such an unsuitable marriage". This letter was passed on to Lady Burdett-Coutts, who asked Lord Harrowby to reply that he had no knowledge of

1540-733: The Church of England and its Anglican offshoots overseas, as well as the arts, but the main thrust of her charity was directed toward improving the lives of the poor. A sewing school in Spitalfields , cotton gins in what is now Nigeria , boats and nets for the Irish fishing industry, and ragged schools in the poorest sections of cities were but a few of her projects. Gladstone , the Prime Minister , and Queen Victoria resolved to acknowledge her philanthropic spirit formally. In 1871, she

1617-673: The Church of England , building two churches – including St Stephen's Church, Rochester Row , Westminster – and endowing church schools. As executor of the will of the Reverend Chauncy Hare Townshend (the author of several volumes of poetry), she, with the Rev. Thomas Helmore (also a poet), used money from Townshend's estate to build a primary school in Westminster , known as Burdett-Coutts & Townshend Foundation Church of England Primary School. She endowed

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1694-609: The East End of London , the district where much of her work was carried out. With her project in Columbia Square she became a pioneer in social housing . Through her support of missionary and nursing efforts she was associated with Louisa Twining and Florence Nightingale . Her small housing development, Holly Village, on the corner of what was then her estate, is now in private hands and may still be seen in Highgate. She

1771-704: The Princely Family of Liechtenstein are managed by LGT Group (founded in 1920 and originally known as The Liechtenstein Global Trust). The assets of the Dutch royal family are managed by MeesPierson (founded in 1720). The assets of the British Royal Family are managed by Coutts (founded in 1692). Historically, private banking has been viewed as a niche that only caters to HNWIs—specifically those with liquidity over $ 2 million, though it

1848-570: The "parent brand" to gain a client’s trust and confidence. These banks have a strong presence across the globe and present private bank offerings as a part of the parent group. "One Bank approach" is where private banks offer an integrated proposition to meet clients personal and business needs. Since private banking concerns understanding a client’s need and risk appetite, and tailoring the solution accordingly, few banks define their value proposition along this dimension. Most modern private banks follow an open product platform, and hence claim their advice

1925-466: The 17th century, in parallel with the development of sophisticated agriculture, managing the assets of the royal family, nobility and the landed gentry. The United States has one of the largest private banking systems in the world, in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch . Some American banks that specialize in private banking date back to

2002-492: The 19th century, such as U.S. Trust (founded in 1853) and Northern Trust (founded in 1889). Internationalisation of the economy, technological developments such as the internet and mobile phones ensure that banks have to innovate and look for new markets . For example, the growth of HNWIs is low in traditional private banking markets such as Europe, compared with Asia where the number of millionaires has grown to 3.6 million. Banks also provide some private banking services at

2079-878: The BBC and Jack both apologised to Farage for its coverage of this story, admitting that his report was inaccurate and that Coutts' closure of Farage's account had involved considerations about his political views. On 25 July, Rose admitted to a "serious error of judgement" in discussing Farage's Coutts accounts with Jack, while the NatWest board said that it retained full confidence in her. On 26 July, Rose resigned as CEO of Natwest Group with immediate effect. On 27 July 2023, Coutts chief executive Peter Flavel stepped down with immediate effect. Coutts often collaborates with British fashion designers, including previous designs for its distinctive credit and debit cards. In 2004, British fashion designer and Savile Row tailor Ozwald Boateng designed

2156-739: The Bank für Industrie und Unternehmungen was founded in Zurich. This became Handelsbank in 1953, Handelsbank NatWest, upon acquisition in 1975 and Coutts Bank (Switzerland) in 1997. In 2000, NatWest was purchased by the Royal Bank of Scotland Group in one of the largest corporate transactions in the European banking sector. RBS Group became NatWest Group in 2020. In 2003, Coutts Bank (Switzerland) acquired Zürich-based Bank von Ernst & Cie. Coutts Bank von Ernst became RBS Coutts Bank in 2008 to align with

2233-753: The County of Middlesex. On 18 July 1872 she became the first woman to be presented with the Freedom of the City of London at the Guildhall , and in 1874 she became Edinburgh 's first woman Freeman and was also presented with the Freedom of that city. Lady Burdett-Coutts died of acute bronchitis at her home on Stratton Street , Piccadilly . By the time of her death she had given more than £3 million to good causes. Nearly 30,000 people filed past her coffin before she

2310-688: The Coutts fortune was passed on to Thomas' granddaughter, Angela Burdett , the daughter of Sophia Coutts and Sir Francis Burdett . The will contained three conditions: first, Angela's 50% share in the bank must be held in trust ; second, the heir must take the name Coutts; and third, the heir must never marry a foreigner. Upon receipt of her inheritance, Angela Burdett-Coutts became the wealthiest woman in Britain. She devoted her life to philanthropy, giving away an estimated amount of between £3 million and £4 million. Her charity ranged widely: she supported

2387-567: The Duke of Wellington , and she proposed marriage to the Duke despite the great disparity in their ages. Three years later, when she was 67, she shocked polite society by marrying her 29-year-old secretary, the American-born William Lehman Ashmead Bartlett , who became MP for Westminster on 12 February 1881. Her new husband changed his surname to Burdett-Coutts. Because of her husband's American birth

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2464-548: The FSA, bankers did not conduct appropriate checks on the customers, and failed to identify serious criminal allegations against them. There were five cases where sources had provided "adverse intelligence" such as allegations of criminal activity, but all the accounts had been approved by Coutts. A spokesperson for Coutts said that there was no evidence that money laundering took place as a result of its deficient controls, and said that "We recognise our systems weren't totally adequate in

2541-710: The Jerusalem Ordnance Survey served as the basis for all future Jerusalem research". Burdett-Coutts subsequently helped fund other explorations in the Holy Land , sometimes in conjunction with the Palestine Exploration Fund . This effort included a subsequent offer to fund another exploration to find water for Jerusalem, to be led by Charles Warren . Burdett-Coutts founded Columbia Market in 1869, in Bethnal Green in

2618-591: The Sea . The Reverend Richard Harris Barham , in a ballad (part of the Ingoldsby Legends ) he wrote under the pen name "Thomas Ingoldsby" for Queen Victoria 's coronation, referred to her as "Miss Anja-ly Coutts". She became a subject of public curiosity, receiving numerous offers of marriage. She inherited the country house at Holly Lodge Estate in Highgate , which was then just outside London, where she

2695-503: The age of 67, Angela Burdett-Coutts broke the terms of the will by marrying Bartlett in Christ Church, Down Street, Piccadilly . The partners of the bank rushed to reassure the press that the heiress was neither a partner in the bank, nor could she touch the capital. An argument sprang up over the inheritance and, in particular, over whether Angela should give up the bank to her sister Clara. Angela fought back, claiming that Bartlett

2772-399: The annual London Design Festival . In March 2012 Coutts was fined £8.75m for breaches of money laundering rules after "serious" and "systemic" problems in handling the affairs of " politically exposed persons ", customers entrusted with a prominent public function, requiring money-laundering checks. The Financial Services Authority (FSA) fined Coutts because of an "unacceptable risk" that

2849-650: The bank could have been handling the proceeds of crime for a three-year period up to November 2010 after failing to properly deal with "politically exposed" customers. Following an industry-wide review in 2010, the FSA found that Coutts was not conducting robust-enough checks on such high-risk customers and was not monitoring relationships with them properly. The FSA reviewed a sample of 103 high-risk customer files, and identified deficiencies in 73 of them. The FSA's acting director of enforcement and financial crime, Tracey McDermott, said that "Coutts's failings were significant, widespread and unacceptable. Its conduct fell well below

2926-529: The bank moved to its current premises at 440, The Strand. In 1914, Coutts took over the bank of Robarts, Lubbock & Co. in the city, obtaining a branch office and a clearing house seat in the process. In 1919, Coutts merged with the National Provincial & Union Bank of England but retaining the Coutts & Co. name and board of directors. Throughout the 20th century, Coutts opened more branches. The first West End branch outside 440 Strand

3003-448: The bank to change from a partnership to an unlimited liability company in 1892. At that time, limited liability was seen by depositors as risky. As a partnership, the Coutts family would have been personally liable to any depositor for their bank deposit in a crisis, but there was no crisis. Despite this, there was little change in the organisation; the working partners were divided between managing and junior managing partners. In 1904,

3080-528: The bank's purpose", whilst financially his account's "economic contribution is now sufficient to retain on a commercial basis”. In response, Coutts said that "Decisions to close accounts are not taken lightly and take into account a number of factors including commercial viability, reputational considerations, and legal and regulatory requirements" and that Farage "was offered alternative banking facilities with NatWest ." On 20 July 2023, Dame Alison Rose , Group CEO of NatWest Group, wrote to Farage to apologise for

3157-567: The bank. After submitting a subject access request in July, Farage published a 40-page internal document from the bank, which contained minutes from a meeting of the bank's Wealth Reputational Risk Committee on 17 November 2022, describing Farage as a "disingenuous grifter" who promoted "xenophobic, chauvinistic and racist views", and said his "views were at odds with our position as an inclusive organisation", with "risk factors including... controversial public statements which were felt to conflict with

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3234-447: The best of breed products and most banks have to follow an open architecture product platform where they distribute products of other banks to their clients in return for commission. Products offered to private banking clients include equities, fixed-income securities, structured products, foreign exchange, commodities, deposits and real-estate investments. Different banks charge their clients in different ways. There are banks that follow

3311-663: The bishoprics of Cape Town and Adelaide (1847), and the founding bishopric of British Columbia (1857). The granite Greyfriars Bobby Fountain in Edinburgh, with a bronze statue of Greyfriars Bobby , was erected by Baroness Burdett-Coutts. She was involved with the Royal Society for the Prevention of Cruelty to Animals (RSPCA). Burdett-Coutts was influential in the formation of the RSPCA's ladies committee in 1869 and

3388-896: The business. In 2022, the Royal Bank of Scotland transferred its Adam and Company banking and lending business to Coutts using a banking business transfer scheme. The company's board is chaired by Lord Waldegrave of North Hill . Coutts non-executive directors are Mark Lund, Sharmila Nebhrajani, Linda Urquhart and Matt Waymark. The bank's headquarters are at 440 Strand, London . It closed its Canary Wharf, St Mary Axe, Cadogan Place and Fleet Street London offices in 2013, and closed Premier Place in London in 2017. Its current UK offices are listed on its Web site; there were offices in 17 cities in 2022. There were international offices in Zurich, Berne, Geneva, Hong Kong, Montevideo, Singapore, Dubai, Jersey, Isle of Man, Miami, Monaco and Cayman Islands until

3465-612: The charity. The Captain Tom Foundation is a client of Coutts. On 30 June 2022, the Charity Commission for England and Wales opened a statutory inquiry into the charity due to questions regarding its financial relationship with members of the Ingram-Moore family, who served as trustees of the charity. In June 2023, former MEP and UKIP leader Nigel Farage had his personal and business accounts closed by

3542-799: The church of St Jude-on-the-Hill in Hampstead Garden Suburb, London. Charles Dickens dedicated his novel Martin Chuzzlewit to her and she had many royal and eminent friends. The book Flashman's Lady by George MacDonald Fraser makes reference to her (fictional) love for James Brooke (The White Rajah), and his rejection of her due to his physical affliction. She also puts a lecherous Flashman firmly in his place by dislocating his thumb. Angela Burdett-Coutts also features in Terry Pratchett 's novel Dodger ; in an afterword, he states that part of his reason for writing

3619-496: The contents of the Wealth Committee report. Rose repeated the bank's offer to Farage of a NatWest bank account and announced that she was commissioning a review into Coutts's processes regarding bank account closures. The BBC's financial journalist, Simon Jack , had originally reported, on 4 July 2023, that the closure was for failing to meet the required minimum savings to hold a Coutts account. However, on 24 July 2023,

3696-469: The final decade of the 18th century, the premises at 59 Strand were significantly extended, and profits rose from £9,700 in 1775 to £72,000 in 1821. Edmund Antrobus, who started at Coutts as a clerk, was taken into partnership in 1777. The bank on the Strand was substantially rebuilt between 1780 and 1790, employing the King's Master Mason, John Deval . By the time Sir Antrobus died in 1826, he had been made

3773-509: The first banks to bring in machine-posted ledgers at the end of the 1920s. In 1963 it was the first British bank to have a fully computerised accounting system. Between 1974 and 1978, Coutts' Strand headquarters were redeveloped by Frederick Gibberd and Partners. Francis Burdett Coutts's great grandson, Sir David Burdett Money-Coutts , became chairman in 1976, retiring in 1993, leaving his cousin Crispin Money-Coutts (heir to

3850-465: The form of €500 notes , handed over in person in three tranches, in a suitcase, holdall and carrier bags. Charles's meetings with Al Thani did not appear in the Court Circular . Coutts collected the cash and each payment was deposited into the accounts of The Prince of Wales's Charitable Fund . There is no evidence that the payments were illegal or that it was not intended for the money to go to

3927-448: The funeral. Thomas Coutts was 80 years old, and his new wife, Harriot Mellon , was 40 years younger and an actress, which stirred considerable comment. On Thomas' death in 1822 the bank was renamed "Coutts & Co." Thomas' widow, Harriot, inherited £900,000 from Thomas along with a 50% share in the bank. Although she did not get on with her stepdaughters, she wanted to keep the bank in the Coutts family. Harriot died in 1837. In her will,

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4004-683: The parent Group and was renamed Coutts & Co. Limited in 2011. The international division was sold to Union Bancaire Privée (UBP) of Switzerland in 2015, for an undisclosed figure. This was part of the Group's strategy to reduce the number of countries it operated in, in favour of a greater focus on the United Kingdom. Coutts' business in Europe, the Middle East, Singapore and Hong Kong was to be transferred to UBP, who were required to rebrand

4081-682: The past and we've taken steps to improve these". Coutts would have been fined £12.5m if it had not agreed to settle at an early stage in the investigation. In November 2011 the Financial Services Authority (FSA) fined Coutts £6.3m for mis-selling the American International Group (AIG) Enhanced Variable Rate Fund, which invested a significant proportion of its assets in riskier asset-backed securities, between December 2003 and September 2008. The FSA required Coutts to compensate all customers who suffered

4158-469: The retail banking and savings banks aimed at the new middle class . Traditionally, private banks were linked to families for several generations. They often advised and performed all financial and banking services for these families. Historically, private banking has developed in Europe (see the List of private banks ). Some banks in Europe are known for managing the assets of some royal families. The assets of

4235-519: The risks of the product. Coutts recommended the fund to some customers even though it might have exposed them to more capital risk than they were willing to accept, and many customers were advised to invest too large a proportion of their overall assets in the fund. Private banking Banking originated in provision of some services of what is now seen as "private" banking. Early Venetian banks provided personal finance for wealthy families. Private banks came to be known as "private" to stand out from

4312-524: The sale of Coutts International in 2015. Until the 20th century Coutts was a clearing bank to the nobility and landed gentry , but then became a wealth manager to a wider range of clients, including entrepreneurs, entertainers, sportsmen, professionals, executives, lottery winners, and football players. The British Royal Family are notable clients; the bank was sometimes referred to as "the Queen's bank". There are stringent requirements to being accepted as

4389-416: The standards we expect and the size of the financial penalty demonstrates how seriously we view its failures". Coutts's bonus system rewarded bankers for opening accounts, providing an incentive to bring in new business without too much scrutiny, and the bank's anti-money laundering team, required to identify high-risk customers, failed to identify enough "politically exposed persons". In two cases reviewed by

4466-409: The subject alluded to—quite a snub to the Queen. One potential stumbling block to the marriage was her step-grandmother's (Harriot's) will which forbade marriage to an alien. As Bartlett was an American, the marriage would cause her to be disinherited. In that event, her younger sister Clara would inherit. Angela Burdett-Coutts managed to get Clara to waive her rights. Clara's son Francis (known as Frank)

4543-597: The super-premium Coutts World Charge Card, and in 2006 Stella McCartney was commissioned to design the Coutts Visa debit card. The card included a translucent Coutts logo which could only be seen if held up to the light. In 2013 Coutts replaced its purple 'World' charge card, which had been designed by Boateng, with the new 'Silk' Charge card. The silk design was inspired by the traditional Chinese wallpaper brought back by Britain's first ambassador to China, Earl Macartney in 1794, and presented to Thomas Coutts, which lines

4620-486: The surnames of her father and grandfather, by royal licence , to become Burdett-Coutts. Edward VII is reported to have described her as "[a]fter my mother , the most remarkable woman in the kingdom". Burdett-Coutts was widely known as "the richest heiress in England". She was a collector of paintings, including Old Masters . Among the contemporary paintings she purchased was Robert Scott Lauder 's Christ Walking on

4697-521: The third UK bank to achieve the certification. In 1692, a young Scots goldsmith-banker named John Campbell of Lundie , Scotland , formed the bank originally as a goldsmith-banker's shop. Lundie opened the new business in the Strand , London, under a sign of the Three Crowns , as was customary in the days before street numbers. Today, the Coutts logo still has the three crowns, and its headquarters

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4774-505: The title of Baron Latymer) as the last remaining Coutts name until his resignation. Coutts gained international representation in 1987, establishing its operations in Geneva. The Coutts Group was formed in 1990, bringing together Handelsbank NatWest and NatWest International Trust to give the bank opportunities in more jurisdictions. The origins of the Swiss business can be traced to 1930, when

4851-594: The top spot in Euromoney's 2019 survey for "Best private banking services overall 2019". This table displays results of one category of the private banking ranking, "Best global private banking services overall 2019". Most private banks define their value proposition along one or two dimensions, and meet the basic needs across others. Some of the dimensions of value proposition of a private bank are parent brand, one-bank approach, unbiased advice, strong research and advisory team and unified platform. Many banks leverage

4928-401: The transactional model where the client is not charged any advisory fee at all. The banks thrive totally on the commissions they get by distributing third party products. There are other private banks that follow a hybrid model. In this model, the bank charges a fixed fee for certain products and advisory fee for the rest. Some of the other banks are totally advisory driven and charge the clients

5005-472: The walls of the boardroom at the Strand headquarters. Coutts says that they "support causes and organisations that share our values and traditions". In the early nineteenth century, Thomas Coutts became a shareholder of what became the Royal Opera House , and Coutts remains a Principal Benefactor. Coutts has been the principal sponsor of the non-commercial Royal Court Theatre , and has supported

5082-477: The war. After World War II, in eastern Europe, assets were again moved into Switzerland for fear of confiscation by communist governments. Today, Switzerland remains the largest offshore center, with about 27% ($ 2.0 trillion) of global offshore wealth in 2009, according to Boston Consulting Group . Offshore wealth is defined as assets booked in a country where the investor has no legal residence or tax domicile. In Great Britain , private banks were established in

5159-415: Was a British philanthropist, the daughter of Sir Francis Burdett, 5th Baronet and Sophia , formerly Coutts, daughter of banker Thomas Coutts . In 1837 she became one of the wealthiest women in England when she inherited her grandfather's fortune of around £ 1.8 million (equivalent to £210,000,000 in 2023) following the death of her stepgrandmother, Harriot Beauclerk, Duchess of St Albans . She joined

5236-762: Was also the president of the British Goat Society. In 1884, she was a co-founder of the London Society for the Prevention of Cruelty to Children, which became the National Society for the Prevention of Cruelty to Children (NSPCC) in 1889; she also founded the Westminster Technical Institute in 1893. In 1871, in recognition of her philanthropic work, Queen Victoria conferred on her a suo jure peerage as Baroness Burdett-Coutts of Highgate and Brookfield in

5313-502: Was better known as Francis (or Frank) Coutts, a writer and poet. He became 5th Baron Latymer in 1913 and died in 1923. The following appeared in Punch at the time: Money takes the name of Coutts, Superfluous and funny For everyone considers Coutts, Synonymous with Money. —Vere Carpenter A recession towards the end of the 19th century, known as the Panic of 1890 , forced

5390-488: Was buried on 5 January 1907 near the West Door in the nave of Westminster Abbey . She left no issue and the barony became extinct on her death. Preparations had been made to inter her ashes, but on the day of her funeral, Westminster Abbey unexpectedly received her uncremated body and was forced to bury her standing up. A portrait of her is included in the mural of heroic women by Walter P. Starmer unveiled in 1921 in

5467-466: Was famous for holding receptions. Burdett-Coutts spent part of each year at Ehrenberg Hall in Torquay with her former governess and later companion Hannah Brown, to whom she was devoted. When Brown died in 1878, Burdett-Coutts wrote to a friend that she was utterly crushed by the loss of "my poor darling, the companion and sunshine of my life for 52 years". She was a friend of both Charles Dickens and

5544-463: Was granted a peerage in her own right as Baroness Burdett-Coutts of Highgate and Brookfield in the County of Middlesex. In 1880, it became known that the baroness wished to marry her young American secretary William Ashmead-Bartlett , who was her junior by thirty-seven years. The partners of the bank were aghast at the prospect of such a marriage, as were many dignitaries; they saw Bartlett as an adventurer, only interested in her money. Archibald Tait ,

5621-509: Was its first president. In 1864, she financed the Ordnance Survey of Jerusalem ; the primary goal of the endeavour was to find better drinking water for those living in the city. During this work (1864–1865), the group, led by Charles William Wilson , was able to produce the most accurate and comprehensive map of Jerusalem but was unable to find a new source of water. The Jerusalem Post commented that "Charles Wilson’s work on

5698-506: Was not, however, so easily dissuaded, and consulted his lawyers, thinking to forestall the marriage by standing on their rights. Finally Bartlett himself, in the face of immense pressure from society, offered to release the baroness from his offer of marriage. She, however, remained determined, refusing to release Bartlett from his promise, in spite of various scandalous accusations being made against him involving another woman, and even his fathering of an illegitimate child. In February 1881, at

5775-442: Was now named James and Thomas Coutts . James and Thomas did not always get on and eventually James drifted into politics, leaving the running of the bank to Thomas. James retired from the bank in 1775 due to ill health. The bank in the Strand became known as Thomas Coutts & Co . The bank flourished under the lead of Thomas, who took in three partners: Sir Edmund Antrobus (1st Baronet), Edward Marjoribanks and Coutts Trotter. In

5852-622: Was only half American and therefore not technically an "alien". Clara then claimed the fortune, and the bitter dispute continued. In anticipation of victory, Clara and her son Frank took the name "Coutts", as required by the will. Finally, a compromise was struck, with the majority of the Coutts fortune set to pass to Clara and her heirs. Angela Burdett-Coutts, however, kept two-fifths of the income until her death in 1906. On changing her name, Clara Burdett, who had married James Money in 1850, became Clara Burdett Money-Coutts. Her son Francis' full name became Francis Burdett Thomas Nevill Money-Coutts. He

5929-666: Was opened in 1921 in Park Lane. Further London branches were opened in the West End (1921), Cavendish Square (1927), Sloane Street (1929), Mayfair (1932), London Wall (1962), Brompton Road (1975), and Kensington (1978). In 1961 the Bank first moved outside the capital, opening a branch at Eton , followed by a branch in Bristol in 1976. In 1969, National Provincial Bank merged with Westminster Bank to form National Westminster Bank . Coutts embraced modern technology, becoming one of

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