Ex-Adam & Co chiefs set up rival Edinburgh firm

Former Adam & Company Investment Administration business chiefs have set up a rival service in the heart of Edinburgh after taking the majority of their office staff with them.

Adam & Co’s head of private client investment administration William Kirkwood and head of investment operation Ross McDonald, quit the business in April. Both had worked at the company for more than 20 years.

Since their departure, more than 20 people, representing around 70% of the staff, have left Adam & Co’s Investment Administration business.

Citywire Wealth Manager understands the majority of the staff have followed Kirkwood and McDonald to IM Wealth Services, a new custody and administration business which was incorporated a few months ago.

Sources say a number of former Adam & Co staff have been seen entering and leaving IM Wealth’s new office in Multrees Walk, based in Edinburgh’s St Andrew Square.

It is understood Kirkwood and McDonald had initial restrictions placed on them by Adam & Co parent group RBS Wealth, about when they could hire former colleagues and approach Adam & Co clients.

Working alongside the pair at the business is Chris Fisher, who previously spent 14 years at Brown Brothers Harriman before joining UBS Wealth Management in 2007.

It is understood that he has not formally started pitching for business, however.

Information Mosaic, which is the parent company of IM Wealth Services, has remained tight lipped about the new business.

However, the group said it had been serving the wealth management industry for 10 years as it specialises in post-trade automation, providing a technology platform to improve efficiency and reduce risk in post-trade operations.