Scoban hires another Adam & Co employee

Ray Entwistle’s hiring spree for his fledgling private bank Scoban has continued with the appointment of Liz Kelly, another former colleague from Adam & Company.

Kelly joins as a manager in Scoban’s operations department and will work closely with company secretary and head of operations Stuart Alexander.

Alexander joined recently from BNY Mellon, where he was head of dealing. He was also formerly director of banking operations at Adam & Co.

The hires follow that of Adam & Co’s former finance director Andrew Mulligan, alongside Alan Young from the group’s facilities team back in May.

Entwistle’s first round of fundraising for the new private bank garnered £1.3 million, far exceeding his initial target of £500,000.

Entwistle, who was the chairman of Adam & Co for five years before his departure in February 2010, is planning to launch branches initially in London and Edinburgh and said he was on the look-out for a head of risk and head of credit for the new venture.

Earlier this year, David Nabarro, a non-executive director of Scoban, said of their vision for the bank: ‘The key initially is that it will be very conservative, very risk averse and it will adhere to old-fashioned banking values.’