Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Ex-Adam & Co boss' new private bank raises another £5m

Ex-Adam & Co boss' new private bank raises another £5m

New private bank Scoban is entering its next stage of development after successfully raising another £5 million after its second round of fund raising.

The fledgling Scottish private bank, which has been set up by former Adam & Co chairman Ray Entwistle, will now build its operational and regulatory structure, and consider taking up premises and making further hires.

The move comes after the bank received over £5 million worth of offers to subscribe for its share and sits alongside £1.4 million which was raised in the first capital raising. The management team said it is also open to further commitments over the next two months.

The shareholder base is expected to increase to over 170 individuals when the fund raising period officially completes, with Scoban set to appoint investment banking and securities firm Espirito Santo as its adviser to support future development.

Commenting on the second fund raising, Entwistle said he had been 'overwhelmed by the support' received from investors despite the turbulent market environment. 

'It is a testament of their desire for a return to traditional banking services and for a financial institution that clearly identifies with families, especially where those families can also be shareholders,' he added.

Back in March, Entwistle told Wealth Manager he was planning to earmark £25 million to build an investment division by acquiring a number of asset management businesses, anticipating that a further £75 million in capital would be necessary to build the bank and investment management division over the medium term.

Entwistle is planning to initially launch branches in London and Edinburgh and said Scoban would take a traditional approach to private banking, which would not be product-led.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Dispelling the sustainable investing myths

Dispelling the sustainable investing myths

There's a bit of a buzz around sustainable investing at the moment. We speak to three wealth managers to find out what they think.

Play Inside ETFs: positioning for the Fed rate rise

Inside ETFs: positioning for the Fed rate rise

Natalie Fast discusses how investors are using ETFs to position for a rate rise with guests Irene Bauer from Twenty20  Investments and Markit's Simon Colvin.

Play Wealth Manager Retreat: video highlights

Wealth Manager Retreat: video highlights

The UK's leading wealth management talent gathered at our annual event at the Grove celebrate the best in private client portfolio management.

Wealth Manager on Twitter