Coutts, the major wealth management business of the Royal Bank of Scotland, reported a 7 per cent rise in customers in 2005, according to RB...

Coutts, the major wealth management business of the Royal Bank of Scotland, reported a 7 per cent rise in customers in 2005, according to RBS results released today.

The UK’s second largest bank said its wealth management businesses – Coutts, Adam & Co, The Royal Bank of Scotland International and NatWest Offshore – recorded a pre-tax profit rise of 26 per cent to £408 million ($708.9 million).

Assets under management for the entire wealth management business rose 18 per cent to £25.4 billion. RBS said the rise was attributed to good new business volumes at Coutts and the rise in equity markets. No figure was provided on AUMs at Coutts.

The bank said its wealth management business saw particularly strong growth in Asia, where the number of private bankers rose by 20 per cent in the year. RBS said growth was particularly keen for private bankers covering the Chinese and Indian markets.

Adam & Co saw customer numbers rise 11 per cent in 2005.