Adam & Co boosts board with two new directors

PRIVATE bank Adam & Company has bolstered its board with the appointment of lawyer Linda Urquhart and accountant Alexa Henderson as non-executive directors.

They will offer advice on strategy, financial performance, risk issues and remuneration across the Edinburgh-based business.

Urquhart began her career at law firm Morton Fraser. She was chief executive from 1999 until 2011 and is now chairman. She sits on the board of a number of other organisations including the CBI and Prince’s Trust Scotland.

Henderson worked for KPMG and Arthur Andersen, primarily in a financial services audit capacity, and later for Bankers Trust of New York and Deutsche Bank.

She joined the board of the Scottish Building Society in 2001 and became chairman in May last year.

Henderson is also a representative of the Stewart Ivory Foundation, which raises financial awareness among young people.

Miller McLean, chairman of Adam & Co, said: “The appointments of non-executive directors of Linda and Alexa’s calibre mark a pivotal day for Adam & Co and its future as together they bring over 60 years of banking and professional services experience to our business.

“As we continue to build on our new strategy, I’m confident that their counsel and expertise of business across Scotland will help us navigate and make a success of the many opportunities that present themselves.”

Adam & Co, part of the Royal Bank of Scotland Group, reported a 4.2 per cent rise in revenue to £54.9 million but a fall in profits from £13m to £4.9m as impairments rose from £400,000 to £9.7m because of bad loans.