Coutts in the UK has restructured its management as part of a broader strategic shift.

Coutts, the UK private bank, has simplified its management leadership structure as it pushes to expand, creating a team of six regional managing directors reporting to the bank’s chief executive, Michael Morley.

As well as these changes, Coutts said it has also hired Paul Smith, who previously worked at HSBC Private Bank. He is responsible for all Coutts regional offices in southern England and Wales. Coutts said he has been “instrumental in building HSBC Private Bank in the UK”.

The changes come at a time when Royal Bank of Scotland, the owner of Coutts, has been rebranding its wealth management business lines under the Coutts label. (To view this publication’s interview with RBS wealth boss Rory Tapner, click here.) Wealth managers in the UK are also overhauling their businesses to deal with the new regulations due to affect the financial advisory business from the UK Retail Distribution Review programme of reforms.

“We decided we wanted to put in place the team that was going to take Coutts through RDR and beyond. It was to ensure that we put a focus on our regional business while preserving the specialist client group structure that we have had for some time. We wanted to have the opportunity to bring some talent into the group from outside,” Morley told this publication in a telephone call late yesterday.

“We are refreshing the team at the same time we are refreshing the brand,” he said.

No further staffing announcements are expected in connection with the changes, this publication understands.

“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 [Smith’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,” Morley said.

The six managing directors, who will sit on the Coutts UK management committee, are:

James Fleming, who will be managing director for London with responsibility for the entrepreneurs, landowners and "inpats" client groups. He 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 and entertainment client 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. Smith 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.

Dylan Williams will be managing director, North and Ireland. Williams joined Coutts as a graduate in 1998 working initially in London and subsequently in Manchester. He was latterly 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, the Isle of Man and Gibraltar.