RBS Coutts, the international private banking arm of theRoyal Bank of Scotland, has relocated London-based global co-chief investment officerNick Cringle to Hong Kong.

"Nick's relocation reflects the importance of Asia as one of the fastest growing high net worth markets," saidNick Pollard, the chief executive officer of RBS Coutts Asia, in a statement.

Mr Cringle, who had spent four years in Hong Kong before moving to the London office in 1999, will retain his existing role as global co-CIO for global investment services under the RBS Wealth Management division. His relocation entails also overseeing the delivery of core investment products and services in the region, including those of Coutts & Co and RBs Coutts.

Asia has emerged as the location of choice for many private banks and boutique firms worldwide due to the huge number of millionaires in the region. A recent survey by Merrill Lynch and Capgemini reveals that the Asia-Pacific is expected to see an 8.8 per cent rise in HNWIs annually for the next decade.

"Asia offers tremendous growth opportunities for RBS Coutts. Nick’s relocation will add further strength to Asia’s voice in shaping the investment strategy and product range," added Mr Pollard.