By Kristy Dorsey

A new investment firm set up last year by former employees of Clyde Blowers Capital has recruited banking sector heavyweight Benny Higgins as its chairman.

Mr Higgins is due to take up the post with Glasgow-based N4 Partners at the start of next month. He joins four other recruits that N4 has drafted in so far this year, among them director Andrew Kerr, who previously ran the regional mergers and acquisitions team at Erst & Young, and financial controller Jacqueline Wallace.

N4 was set up last year by Allan Dowie, Keith Gibson, Keith Mitchell and Shauna Powell, all formerly of Clyde Blowers Capital. It manages funds on behalf of institutional investors from Europe and the US, though declined yesterday to disclose the value of those funds.

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While the investment arm focuses on the industrial, healthcare, technology, defence and energy sectors, its “solutions” business provides advisory services on mergers, acquisitions, business transformation, fundraising and operations assistance.

Having previously worked with members of the founding team, Mr Higgins said: “I’ve known the nucleus of the N4 team for a number of years now and I’m thrilled to formalise our partnership and become part of a new firm determined on growing and supporting businesses throughout the UK and beyond.”

The N4 spokesman added: “Given Benny’s stellar reputation and wide range of connections after leading some of the most recognisable brands in the financial services sector, we are confident his appointment as chairman will help to significantly raise the profile of N4 as we continue to work with ambitious and driven organisations at what is undoubtedly a pivotal time for the global business community.”

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Mr Higgins spent 10 years as chief executive of Tesco Bank, prior to which he was head of RBS and NatWest’s retail banking business.

Since leaving Tesco Bank in 2018, he has been appointed strategic advisor to the First Minister to help in the creation of the Scottish National Investment Bank, which officially opened in November of last year. He also chaired the Scottish Government’s independent advisory group on economic recovery from the Covid pandemic, whose report in June of last year was criticised as tepid and lacking in detail.