He left the private bank to take a job as CIO at the National Bank of Abu Dhabi, according to a published report out of Dubai.
A spokesperson at Coutts confirmed his resignation, but did not provide a reason.
Dugan has been based in Singapore since joining Coutts in July 2012.
As reported, he came to the bank from Dubai’s Emirates NBD, after his predecessor, Norman Villamin moved to Zurich to become CIO for Europe.
His resignation is seen as representing a significant role shake-up at London-based Coutts. Head of investments Arne Hassel will now assume Dugan’s duties, in addition to his own, until a replacement is named.
Hassel took on the role of head of investments at Coutts just one month ago. He took over from Gayle Schumacher, who was named managing director, future proposition design, a new role at Coutts.
Coutts is a division of the Royal Bank of Scotland group.
