David Reid Scott is stepping down as chairman of Stonehage Advisory.
A spokesperson for the business said there was no 'direct replacement' for Reid Scott's role for the time being. He will become a senior adviser to Stonehage’s family office division after stepping down.
Andrew Nolan, managing director of the Stonehage Group and head of the family office division, said in a statement: 'David is a figurehead in corporate finance and has added enormous value to the advisory division at Stonehage.
'We’re sure he will continue to drive the growth of the business as a senior adviser to the family office division, which provides organisational structure to a variety of our clients’ complex needs.'
He joined in 2010, following an eight-year period as chairman of Hawkpoint Partners. Previously, he was a funding partner of Phoenix Securities, which was sold to Donaldson Lufkin Jenrette (DLJ). He then became vice chairman of DLJ and chairman of its international financial institutions practice.
Prior to this, he worked in London and New York for White Weld & Co, before becoming a senior adviser to the Saudi Arabian Monetary Agency.
Stonehage Advisory forms part of the Stonehage Group, a multi family office with assets under administration in excess of $35 billion (£21.1 billion).