By Scott Wright
ROYAL Bank of Scotland owner NatWest Group has formally cut ties with the Adam & Company brand which had been part of its stable for nearly three decades.
Canaccord Genuity Group has completed the previously announced acquisition of the investment management business of Adam & Co. It takes Canaccord’s UK wealth management operation into Scotland for the first time.
The deal also includes the Adam & Co name, which had been part of Royal Bank (now called NatWest at corporate level) since 1993.
However, the Canaccord acquisition did not include the Adam & Co banking and lending business, which has now been rolled into NatWest’s Coutts operation. As revealed in The Herald on Saturday, Coutts has assembled a new team, led by Alisdair Dewar, to drive its growth in Scotland.
Canaccord said a new office has been set up on Edinburgh’s Princes Street to run its new Scottish operation.
Graham Storrie, managing director of Adam & Co, said: “On behalf of the Adam & Company private client investment management team, we are very pleased to be joining Canaccord Genuity Wealth Management. We welcome the support from CGWM UK as we look forward to growing a leading wealth and investment business in Scotland, while introducing an enhanced suite of products and services to our valued clients.”
David Esfandi, chief executive of CGWM UK, said: “We are excited to begin our partnership with the team from Adam & Company, whom we have found to be closely aligned with our culture, values and investment philosophy.”
Canaccord’s UK operation has around £1.7bn of assets under management.
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