In a surprise move, the chief executive of Coutts in Asia has stepped down, to be replaced by the firm's London chief of staff for wealth management.

In a surprise move, the chief executive of Coutts in Asia has stepped down, to be replaced by the firm's London chief of staff for wealth management, this publication can exclusively reveal. 

Nick Pollard will move into the newly-created role as head of international learning and development at the UK-headquartered private bank. He will continue to be based in Asia, according to a source close to the situation.

"His current three year assignment is drawing to a close, so he has accepted the new role," said the source. Pollard was CEO of Coutts Asia for the last three years. Prior to that, he was a managing director at Coutts for five years, based in London.

He is being replaced in his current role at Coutts by Michael Blake, who is chief of staff for the wealth division in London. Blake reports to Rory Tapner, the global head.

His new title will be general manager for Asia. In this role, he will oversee all functions in the region and bring together all components of the business, enhancing connectivity with UK and Swiss hubs, added the source.

Blake will relocate to Asia, where he holds a decade of experience. Before his current job at Coutts, which he did for a year, he was head of Asia-Pacific Management Office at UBS, based in Hong Kong, a role which he held for five years until 2010. He studied Mandarin at Beijing Normal University.

Sources say he has been at the centre of the Coutts transformation, that is now underway.

"His knowledge of the region, understanding of our strategic ambition and connectivity across Coutts, will be an enormous complement to the Asia team," said the source.

Blake's move comes as part of a strategic overhaul at the Royal Bank of Scotland-owned wealth manager. Earlier this year, the bank announced a series of pivotal changes including substantial headcount expansions in certain areas, with a focus on Asia and Products & Services hires. It will also add to its private banking and client servicing teams, treasury operation and client advisory services.

Aside from headcount expansion, the bank will rejig certain divisions, focusing on four distinct activities: investment office/banking, treasury, credit and dealing/tax and wealth structuring/Coutts Institute. Coutts also plans to invest heavily in its platform in the region, adding new capabilities to the product and services offering.

“Providing our clients with exceptional investment solutions that meet their evolving needs is a key driver in our strategy for growth,” said head of products, services & marketing, Ian Ewart, in an interview earlier this year.

“This will be pivotal as we leverage our heritage and expertise as a private bank and cement our position as a leading wealth and investment manager in all of the markets in which we operate,” he added.