Adam & Co CEO David Cathie departs

Adam & Co managing director David Cathie has left the troubled private bank.

Kerry Falconer, head of private banking at Adam, will act as interim managing director until a replacement is found. 

A Coutts spokesperson said: 'After five years as managing director of Adam & Company, David Cathie has decided that now the strategy for the bank has been set, it is now the right time to leave to company to pursue fresh challenges. In his time with the group, David has played a central role in leading the success of the bank and Adam is now well positioned for further success within the UK.'

'Until a new managing director is appointed Kerry Falconer, head of private banking, will act as interim MD which will ensure continuity of leadership on the ground in the head office of Adam in Edinburgh.'

The news follows a turbulent year for the Edinburgh-based private bank, during which parent Royal Bank of Scotland (RBS) has taken complete control of day-to-day running of Adam and has removed several long-term board members from its wealth subsidiary.

A raft of Adam & Co board members have been removed by RBS, meanwhile back in June RBS announced plans to axe 500 UK jobs between Adam & Co and sister-wealth manager Coutts & Co, claiming the installation of the new £100 million IT platform Avaloq had rendered the jobs obsolete.