One of Scotland's oldest wealth management brands has returned to Glasgow after a hiatus of more than two years following a takeover deal to create a business with "further growth potential".
In November it was announced that Glasgow-based financial planner Intelligent Capital was set to become part of the Adam & Co private banking operation based in Edinburgh following its acquisition by Canadian giant Canaccord Genuity. That deal has now been completed, with the Glasgow business operating under the Adam & Co name going forward.
“Together, Adam & Company and Intelligent Capital will become a Scottish wealth management powerhouse, with significant growth potential," said Graham Storrie, director of Adam & Co.
READ MORE: Glasgow wealth management firm sold to Canadian investment giant
"This return to Glasgow heralds an exciting time for us – our brand and heritage is highly regarded in Scotland and we look forward to working with the new team to bring our holistic wealth management proposition to Scots.”
Adam & Co was established in Edinburgh in 1983 and became part of the Royal Bank of Scotland (RBS) Group - now NatWest - in 1993. Under this arrangement Adam & Co retained its own identity, operating independently with a separate board of directors.
The investment management business of Adam & Co was acquired by Canaccord from NatWest in a £54 million deal that completed in October 2021, effectively removing the brand from Glasgow. The sale included the Adam & Co name, but not its banking and lending operations which remained with NatWest and were absorbed into its Coutts & Co private banking business.
READ MORE: Storrie ‘energised’ at Adam & Co after Canaccord deal
With the completion of the transaction, Intelligent Capital managing director David Bremner has been appointed to the position of Adam & Co's head of wealth management in Glasgow. He will work closely with Mr Storrie and Matt Phillips, director of wealth planning for CGWM UK, the holding company for Canaccord's UK wealth management operations.
“Our vision at Intelligent Capital has always been to provide the best, most comprehensive financial planning services and in Adam & Company – and CGWM UK – we have found a firm that shares our culture and brand values," Mr Bremner said.
"We are excited about the opportunities that our new partnership brings to our clients, who now have access to the expertise in the centralised investment office and colleagues all over the country.”
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