Adam and Company: Difference between revisions
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Revision as of 10:54, 20 August 2022
| File:Adam and Company.png | |
| Company type | Trading division |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1983 |
| Headquarters | Edinburgh, Scotland, UK |
| Products | Financial services |
Number of employees | 100 |
| Parent | Royal Bank of Scotland |
| Website | www |
Adam and Company is a trading division of The Royal Bank of Scotland plc catering for the needs of private bank customers based in the United Kingdom. It offers a range of private banking services including discretionary investment management and financial planning services to high net worth clients in the UK.
The bank was founded in 1983 in Edinburgh, often referred to as the birthplace of Scottish Enlightenment, and one of the leading lights of that era, Adam Smith, published ‘An inquiry into the Nature and Causes of the Wealth of Nations’ in 1776 which revolutionised economic theory. Adam & Company was named after this leading figure of the time.
The bank's principal office is located at 6-8 George Street in Edinburgh and they have three further offices.
History
The bank was founded in 1983, opening its first branch in Charlotte Square, Edinburgh, Scotland on 29 May 1984. In 1986, Adam and Company acquired London-based Continental Trust (London) Limited; and later established an international arm in Guernsey. Branches in Glasgow, Manchester and Aberdeen were also opened between 1987 and 2005.
In 1993, following substantial foreign-exchange related losses, Adam and Company was acquired by the Royal Bank of Scotland who provided the capital needed to rebuild the Bank's weakened balance sheet.[1] After the Royal Bank of Scotland acquired NatWest in 2000, restructuring of the group saw Adam and Company placed in the bank's Wealth Management Services Division, alongside rival Coutts, the largest private bank in the UK.
In 2002, Adam and Company acquired Stewart Ivory Wealth Management.
During the years until 2012, Adam & Company established itself as a bank for the wealthy. In 2012, Adam & Company became the first UK bank to implement the Avaloq investment and banking platform which paved the way for integration with Coutts and a range of efficiency savings leading to job losses for almost half of the workforce.
In late 2011 the company moved its registered office to a newly refurbished Georgian townhouse at 25 Saint Andrew Square.
In 2014 and as part of a wider and more radical shake-up to the divisional structure of parent RBS, Adam & Company, under the leadership of RBS Group Exec Graham Storrie, was made a subsidiary of Coutts and consolidated into the Commercial and Private Banking division of RBS, under divisional CEO Alison Rose.
In early 2018, the Royal Bank of Scotland Group announced its plans for restructuring to comply with new UK-wide rules on ring-fencing retail banking operations from investment banking operations. As part of this restructuring, all retail banking assets of the Royal Bank of Scotland were transferred to Adam and Company, which was renamed Royal Bank of Scotland. Adam and Company continues as an RBS private banking brand in Scotland, along the same lines as the Drummonds and Child & Co businesses in England.[2]
Office locations
Adam and Company has four offices in Edinburgh (HO), Glasgow, Aberdeen and London. The Adam International business in Guernsey closed in 2012,[3] and an office in Manchester closed in 2014 after 15 years of operations.[4]
See also
There are three other private banking brands within the NatWest Group:
Both Child & Co and Drummonds ceased operating as banks soon after acquisition by RBS but remain as brands operating on the main PRA licence of RBS where customers enjoy privileged services such as relationship management and discounts on standard retail banking products but where FSCS protection for deposits and other regulatory matters are not distinct from those relating to high street banking customers of RBS.
References
- ^ Kemp, Kenny (1 July 2001). "Holding court with a Noble". Sunday Herald. Archived from the original on 7 December 2017. Retrieved 7 December 2017.
- ^ Morrison, Caitlin (30 September 2016). "What will your bank be called after RBS restructures?". City AM. Retrieved 7 December 2017.
- ^ "Adam & Co to shut down international operation". Wealth Manager. Retrieved 23 September 2020.
- ^ "Adam & Co to close Manchester office". Wealth Manager. Retrieved 23 September 2020.
External links
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| Past | |
| Notes | |
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