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.

Scoban aims to raise £40m & hires Adam & Co man for London push

5 Comments
Scoban aims to raise £40m & hires Adam & Co man for London push

New private bank Scoban has hired Adam & Company associate director Jeremy Vaughan to head a London operation, and is planning to raise a further £30-£40 million, Wealth Manager can reveal.

Scoban chairman Ray Entwistle said plans to launch a wealth management division have been put on hold until the bank is fully operational, which he hopes will be next year.

He told Wealth Manager: ‘Our plan is that over the next 12 months we will look closely at the whole wealth management area and make a decision about how to go forward. We have already done a lot of work and met a number of wealth management organisations, but there are still several different routes we could go down. It could be white-labelling, an acquisition or building our own.’

Vaughan, who previously worked at Hill Samuel as well as Adam & Co, joins as managing director of Scoban’s fledgling London office and will report to group managing director Graeme Hartop, the former Scottish Widows Bank managing director who joined in January. He will also take a seat on the board.

The management team is hoping Scoban will get its banking licence over the next few months and will then set about building and testing the banking platform, with a view to opening in Edinburgh and London early next year.

On the back of these developments, the team is planning to raise a further £30-£40 million to cover its first two years of operation.

This follows the £5 million worth of offers to subscribe for its shares it received in July of last year and the £1.4 million from the group’s initial capital raising.

‘There is a certain amount of excitement in the Scoban camp because March has been a very good month,’ Entwistle added.

The former Adam & Co chair has been planning the launch of Scoban since 2011. The new bank will take a traditional approach to private banking, which Entwistle says will not be product-led.

At the end of last year the bank took up temporary residence at Adam & Co’s former offices at 22 Charlotte Square while its new head office at 9 Charlotte Square, is refurbished. 

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 Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter