The UK-listed wealth management firm Brewin Dolphin has hired team of seven investment professionals from Adam & Company, the Scottish private bank, continuing a number of departures from the firm, media reports said.
The Adam & Co Glasgow-based specialists, headed by Stephen Martin, are expected to join Brewin Dolphin in January after their contracts expire, reports said.
The move represents another blow to Adam & Co, a private bank that has seen a number of significant departures over the past 12 months.
Martin, along with Gordon MacDonald and Michael Wedderburn, joined Adam & Co in 2001 after leaving Clydesdale Bank, reports said. The others movers are Graeme Smith, Wilson Leggatt, and assistants Gillian Keegan and Ashley Leese.
A report in the Scotsman newspaper quoted Charlotte Black, director of corporate affairs for Brewin Dolphin, as saying she "could not deny" that the investment team was joining the firm.
A spokesperson for Adam & Co reportedly confirmed the seven had resigned but the bank was currently in negotiations with the team about their departure.
The spokesperson said: "It is sad to lose good people but the Glasgow team remain in place for now and will strive to ensure continuity of service for clients. We will rebuild the team and we have, in fact, already recruited a number of experienced investment professionals to ensure we maintain the levels of service that our clients expect.”
There have been a number of departures from Adam & Co, which is a sister bank to Coutts & Co, the private bank which is owned by part-state owned parent Royal Bank of Scotland. In August, Adam & Co's chief executive, David Cathie, left and Niall Kennedy, one of its most senior investment directors, joined rival wealth manager Cazenove.
William Kirkwood, Adam & Co's head of private client investment administration, and Ross McDonald, its head of investment operations, left in April to set up a rival back-office administration firm, IM Wealth Services, based in Edinburgh.