ROYAL Bank of Scotland owner NatWest Group has offloaded part of its Adam & Company private banking operation, including the brand name.
Canaccord Genuity Group has acquired the investment management business of Adam & Co in a cash deal worth £54 million. It comes two months after speculation emerged that NatWest was exploring the sale.
The deal does not include Adam & Co’s banking and lending business, which will now be rolled into the Coutts private bank operation.
READ MORE: A Coutts Scotland team will be created and operated across three locations, while the Adam & Co business in London will be integrated into Coutts Coverage, NatWest said. The number of staff affected has not been disclosed.
Scottish wealth manager bought by London firm
A SCOTTISH wealth manager has been acquired by a London-based investment business amid a shake-up in the sector.
Cornerstone Asset Management, which has offices in Glasgow and Edinburgh, has been bought by Waverton Investment Management for an undisclosed sum.
READ MORE: The deal will allow Waverton to increase its presence in the financial planning market and provide additional distribution capacity for its asset management products. Cornerstone has around 1,000 clients and advises them on £500 million funds. It employs more than 20 people.
First homes set for huge development
WORK is set to begin on affordable housing at one of Scotland’s largest residential development schemes.
Cruden Homes will start on site this month at Blindwells, where it will deliver 60 new affordable homes on behalf of East Lothian Council, following the latest land sale by developer Hargreaves Land.
READ MORE: The project, which comprises 32 houses and 28 cottage flats, will take around 20 months to complete, with the first phase of homes due in spring 2022. Blindwells, which is ten miles east of Edinburgh, has outline planning permission for 1,600 homes. Hargreaves Land’s proposals also include new school facilities, a healthcare hub, local retail outlets and a range of other services to help establish a thriving new community.
Most southern whisky distillery to open doors
BLADNOCH Distillery in the far south-west of Scotland is gearing up to welcome back guests following a year in which its new visitor facility has largely been closed as part of wider restrictions to control the spread of coronavirus.
READ MORE: Speaking after the business announced that it has secured a £10 million loan to boost international growth, master distiller Nick Savage said the operation has hit several important milestones during the various levels of lockdown. Even so, the return of visitors in the coming month is a significant development.
‘Relief’ as Nicola Sturgeon reopens islands
ISLANDS tourism representatives have hailed the reopening of the key industry in line with mainland Scotland after a month “in limbo” awaiting a restart date.
READ MORE: First Minister Nicola Sturgeon announced that tourism travel can resume between the islands and the mainland, although some specific restrictions may remain in place, from Monday, April 26, at her Tuesday briefing.
£6m in project wins for Glasgow fit-out firm
FOUNDATIONS for a successful year are being laid by Glasgow-based construction and fit-out firm Pacific Building which has secured more than £6 million worth of business from 11 new contract wins across the UK, with potential projects worth £5.6m in the pipeline.
READ MORE: The contracts secured by Pacific, which operates out of premises at Hillington Park and employs 40 people, include projects at the Marine Hotel in North Berwick, Topgolf Surrey, and the new St Ellen’s Hospital in Livingston. These are in addition to various projects for long-term client Glasgow Airport.
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