RBS wealth AUMs come under pressure
Royal Bank of Scotland's wealth business, which includes Coutts & Co., saw assets under management fall by 20% year-on-year in the first quarter of 2009.
Total assets under managements at the end of the first quarter were recorded at £15.1bn. The bank does not disclose net new money flows for its wealth units.
RBS's wealth business, which includes RBS Coutts, Coutts' international business; RBS International, its offshore business; Adam & Co. an Edinburgh-based private bank; Drummond & Co.; and Child & Co., both London-based private banks, said operating profit fell 21% year-on-year to £82m.
Profits were hit by a fall in non-interest income and lower investment income.
On a brighter note, customer accounts increased 2% year on year. RBS also said lending volumes were strong, up 18%, particularly in mortgages and small business.
Deposits grew in the first quarter reflecting a more stable environment compared with the last quarter of 2008.
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