Adam & Co insider Storrie steps up to top job

Adam & Company, the private bank owned by Royal Bank of Scotland, has recruited an internal candidate to become managing director after suffering an exodus of top talent in recent months.

Graham Storrie, who was formerly RBS's managing director of specialist advice, takes over as the head of the Edinburgh-based bank from David Cathie, who left in August.

Storrie also replaces Kerry Falconer, who was running the bank on an interim basis after Cathie's departure. Falconer returns to her previous role as Adam's head of private banking.

Storrie will report to Michael Morley, the chief executive of RBS's UK Wealth division. Last month, Morley was made an interim chief executive of Adam & Co in order to meet regulatory requirements.

A spokesman for the bank said that following the appointment of Storrie, it would not be looking for another permanent chief executive as the new managing director would fulfil any requirements for a "control person" registered with the Financial Services Authority (FSA).

The appointment marks a firming up of the private bank's management under the RBS Wealth banner, which has caused a raft of defections among directors and key staff. Most recently, Stephen Martin, head of investment in Glasgow, led a team of seven to Brewin Dolphin.

Shoring up staff losses, the bank recently announced the recruitment of three people, including a new head of the Glasgow-based investment business, Simon Murphy. Morley said RBS was "investing heavily in Adam".