Coutts CEO heads for The Carlyle Group

Andrew Fisher, the CEO of UK specialist bank Coutts, will join private equity firm The Carlyle Group next year.

Andrew Fisher, CEO of UK bank Coutts, is set to join The Carlyle Group, the US-headquartered private equity firm, next year. The two parties are presently in talks over the role he will take up after he leaves the bank in February 2002.

Fisher has been tipped to focus on wealth management advisory services at Carlyle, but a spokesperson for the firm said his specific remit remains unclear. “We haven’t fixed a date for when he will start yet and we haven’t agreed to any terms. Nothing will be settled until he leaves Coutts in February,” she said.

Fisher is leaving Coutts 18 months after joining. During his time there he brought about a number of changes at the bank, well known for its blue-blooded and High Net Worth clientele, in an attempt to make the bank less stuffy. These changes included the bank’s first series of advertisements, and a unit dedicated to attracting premiership footballers to the bank.

These changes did not sit well with all of the bank’s customers and earlier in the year the bank came bottom of a league table of financial institutions favoured by the UK’s rich. It was also reported that a number of clients had taken their business elsewhere.

Coutts maintains however that Fisher is leaving the bank on amicable terms to pursue a career in private equity. Carlyle, which is well known for its connections in high places, appointed former UK Prime Minister John Major Chairman of Carlyle Europe last year.