Scotland's wealth management hiring spree continues

As we've alluded to previously, Scotland has ambitions to become a larger wealth management player and firms have been bolstering their ranks throughout 2009. Going into the new year, this recruitment spree shows no signs of abating.

Newton Investment Management has hired Matthew Coyle and Matthew Day for its Edinburgh private investment management team - both will be working within its portfolio management team.

Mike Connor, investment director at Newton, said the firm has been "steadily building a footprint in Scotland", and it's not the only one hiring north of the border.

Rathbone Investment Management has also kick-started an Aberdeen office, having poached Norman Law and Meera Davis from Brewin Dolphin for the new venture. The firm has also moved Jim Henderson, formerly head of its Edinburgh office, to lead the operation.

Rathbone, of course, snapped up Bank of Scotland private banking from Lloyds in October last year, which saw assets under management swell by 1.27bn. Chief executive Andy Pomfret said: "Our offices in Scotland account for more than 10% of the firm's funds under management and they have grown rapidly in recent years."

Towry Law, the private client and wealth advisory firm, has also taken Euan Milne as an associate wealth advisor in Aberdeen.

Ben Walker, director of headhunters Walker Selection, says there's an ongoing appetite to recruit within the Scottish wealth management sector currently.

"A number of wealthy individuals will be re-assessing their relationship with their current advisers, which presents an opportunity for other firms to exploit," he says. "There's a lot of positive sentiment around the sector currently."