Coutts & Co, the private bank of NatWest Group, has announced the appointment of prominent Scottish fund manager Anne Richards as its next chair.

“As a former CEO of Fidelity International and M&G Investments and the current chair of TheCityUK Leadership Council, Dame Anne brings a true wealth of expertise and knowledge and has been welcomed by the board as an excellent addition as we seek to unlock further significant growth,” said Coutts.

“We also take this opportunity to express our gratitude to our outgoing chair, Lord (Philip) Remnant, for all his commitment and for providing continuity in his future advisory role.”

Richards previously held senior positions at Aberdeen Asset Management, JPMorgan Chase & Co. and Merrill Lynch.

Richards, who will take up her post later this year, said: “It is a privilege to be joining one of the UK’s strongest brands at such an exciting time.

“I am looking forward to working with the board and the management team to deliver excellence for our clients as the chosen partner for private banking and wealth management in the UK.”

Rick Haythornthwaite, chairman of NatWest Group, said: “Anne’s wealth management experience and strong financial background mean she will be an excellent addition to the board as we look to unlock the significant growth potential we see in private banking and wealth management.

“I would also like to record my thanks to Lord Remnant and my appreciation for his willingness to remain in an advisory capacity, which will offer Anne and Coutts continuity.”