Adam and Company facts for kids
 |
|
|
Trade name
|
Canaccord Genuity Wealth Management |
|---|---|
| Subsidiary | |
| Industry | Wealth management |
| Founded | 1983 |
| Headquarters | Edinburgh, Scotland, UK |
| Products | Financial services |
|
Number of employees
|
<100 |
| Parent | Canaccord Genuity |
Adam and Company Investment Management Limited is a company based in Edinburgh, Scotland. It helps people manage their money and investments. They work with individuals who have a lot of money, helping them plan for the future and grow their wealth.
The company was started in 1983. It is named after Adam Smith, a famous Scottish thinker. He wrote an important book in 1776 called An Inquiry into the Nature and Causes of the Wealth of Nations, which changed how people thought about money and economies.
In 2021, another company called Canaccord Genuity Group bought Adam and Company. It became part of Canaccord Genuity Wealth Management.
Company History
Adam and Company was founded by Sir Iain Noble and a partner in 1983. Their first office opened in Charlotte Square, Edinburgh, on May 29, 1984. Later, in 1986, Adam and Company bought a company in London called Continental Trust. They also started an international branch in Guernsey. Over the years, they opened more offices in places like Glasgow, Manchester, and Aberdeen.
Joining Royal Bank of Scotland
In 1993, Adam and Company faced some financial difficulties. The Royal Bank of Scotland (RBS) bought the company. RBS provided the money needed to make Adam and Company strong again.
After RBS bought another bank called NatWest in 2000, Adam and Company became part of RBS's Wealth Management Services division. It worked alongside Coutts, which is a very old and large private bank in the UK. In 2002, Adam and Company also bought Stewart Ivory Wealth Management.
In 2011, the company moved its main office to a new building in Saint Andrew Square. By 2012, Adam and Company was known as a bank for wealthy people. They were the first UK bank to use a special system called Avaloq for investments and banking. This system helped them work more closely with Coutts. It also made some jobs unnecessary, leading to job losses for about half of their staff.
The international business in Guernsey closed in 2012. The Manchester office also closed in 2014 after 15 years. In 2014, Adam and Company became a part of Coutts. Both were then part of the Commercial and Private Banking division of RBS.
In 2018, the Royal Bank of Scotland Group (now called NatWest Group) changed its structure. This was to follow new rules about separating everyday banking from investment banking. As part of this change, all the regular banking services of RBS were moved to Adam and Company. Adam and Company was then renamed Royal Bank of Scotland. However, Adam and Company continued to exist as a special brand for private banking customers. These customers received special services and discounts.
In 2022, the banking and lending parts of the business were moved to Coutts & Co. This was done through a special legal process.
Becoming Part of Canaccord Genuity
In 2021, the part of Adam and Company that managed investments was bought by Canaccord Genuity Group. This deal was worth about £54 million. It became part of Canaccord Genuity Wealth Management, which is Canaccord Genuity Group's wealth management business in the UK.
See also
- Coutts & Co.
- Child & Co.
- Drummonds Bank
