Adam & Company Investment Management, based in Scotland, has recruited three people to build its business in the wake of a number of staff departures, and the appointments will be just the start of a number of hires, the bank said.

“Today, we’re investing heavily in our business in order to lay the foundations for a strong and successful future, and while there has been much speculation about the recent drive for change, we firmly believe that this is absolutely what’s needed to enable Adam to compete on a global level in an increasingly competitive market. These three hires are just the tip of the iceberg, as we expect to make further news on recruitment in the weeks ahead," the bank said in a statement.

Simon Murphy will join the bank in early December as an investment director and will assume responsibility for the bank's Glasgow investment based business. He will replace Stephen Martin, who is taking a team to wealth manager Brewin Dolphin in the New Year.

Murphy joins Adam & Co following his departure from Ashcourt Rowan Asset Management's Edinburgh operation earlier this year after having only been in the role for a few months. He will be joined at the Royal Bank of Scotland-owned private bank by David Boswell. Boswell joins from Jardine Lloyd Thomson Actuaries & Consultants and will be based in the bank's Edinburgh office as a senior investment manager.

Mike Gore will also join Adam's Edinburgh office as a senior investment manager. Gore's is an internal appointment, as he has been with Royal Bank of Scotland International based in Jersey for five years. Both Boswell and Gore joined the bank last month. Adam & Co is part of Royal Bank of Scotland, the UK-listed banking group.

There have been a number of departures from Adam & Co, which is a sister bank to Coutts & Co, the private bank. In August, Adam & Co's managing director, David Cathie, left and Niall Kennedy, one of its most senior investment directors, joined rival wealth manager Cazenove.