Cazenove poaches Adam & Co star for Edinburgh push

Adam & Co’s investment management arm has been dealt another blow after senior fund manager Niall Kennedy left the company to join Cazenove Capital’s new Edinburgh office.

Adam insiders say Kennedy had one of the biggest books of business within the investment management team after Harry Morgan, the private bank’s head of investments.

Kennedy has joined Cazenove Capital as a director to spearhead the company’s Scottish offering, alongside fellow directors Peter Hillier and Richard Onslow. The latter duo were part of Thornhill Investment Management before the business was acquired earlier in the year.

Cazenove would not comment on the move as Kennedy is on gardening leave until October, though the company confirmed he will be responsible for managing private client and charity portfolios.

Kennedy’s departure will effectively mean some Adam & Co clients will have their third investment manager in 12 months.

Kennedy, as a senior fund manager, took over a host of client portfolios after fellow high ranking investment managers at Adam & Co defected to rivals.

Over the past 12 months, Adam & Co chief investment officer Gareth Howlett has taken three senior managers with him to set up Brooks MacDonald’s Edinburgh office, charity specialist Amanda Forsythe has joined boutique Charlotte Square, while investment director Simon Steele has joined Merrill Lynch.

Adam & Co rebuilding

David Cathie, chief executive of Adam & Co, confirmed Kennedy’s departure and wished him well but said the private bank is perfectly able to cope, especially as it is now working closely with RBS Wealth’s investment management team.

He said: ‘Adam & Co has a strong investment team, and is of course able to call on the wider resources within RBS Global Investment Services.