Coup for Coutts as Emirates NBD’s CIO signs up

Not so long ago, Emirates NBD’s wealth management division was touting itself as the place to be and managed to secure a number of high profile names as part of a relatively aggressive recruitment spree.

These days, it’s a different picture. After deep redundancies across the group, it has also lost its chief investment officer for its private banking arm, Gary Dugan, who has left to join Coutts, according to Reuters. He took the role at Emirates NBD in July 2009.

This is something of a coup for Coutts and the latest of a string of hires within the firm’s Middle East wealth management division, which it is expanding throughout this year.

Emirates NBD doesn’t break out results for its private bank, but its consumer and wealth management division has posted positive results for the first quarter. Revenues increased by nearly 30% compared to the first quarter of 2011.

However, much of the growth appears to be down to new product launc

hes and initiatives within its retail operations.