People Moves

Fledgling Private Bank Lures Two From Adam & Co

Wendy Spires, Group Deputy Editor, London, 23 May 2011

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The former chairman of Adam & Co, Ray Entwistle, has recruited two former colleagues to join him in developing his new private banking venture, Scoban, Citywire reports.

Andrew Mulligan, former finance director at the Scottish private bank, has joined Scoban in the same role, according to the report. Meanwhile, Alan Young has been appointed as group facilities director, having previously been part of Adam & Co’s group facilities team.

While Mulligan left Adam & Co in March he had actually already handed over his responsibilities as finance director to Doug Heron last year in order to carry out project work, WealthBriefing understands.

News of Scoban’s formation first emerged in January, at which time Entwistle said he was initially planning to open branches in London and Edinburgh. The bank’s launch is planned for July 2012.

Entwistle had been the chairman of Adam & Co for five years, before leaving to work on his new venture in February 2010.

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