Two executive directors from UBS Wealth Management’s Edinburgh office have left to set up their own business.
Investment managers Angus Jack and Brian O’Connor have quit to launch North Capital Management.
Jack had worked at the private bank since 2006, while O’Connor joined a year later.
According to documents filed with Companies House, North Capital’s new office will be based in Charlotte House on Young Street, Edinburgh.
It is understood that North Capital intends to provide investment management services and has applied for Financial Conduct Authority authorisation.
Prior to UBS, O’Connor worked at Kleinwort Benson and then Bank of Scotland, while Jack was an investment manager at Cornelian and Taylor Young.
The past two years have seen an ongoing flow of investment managers leaving large firms to strike out alone. Last month, Stefano Del Federico of Société Générale Private Banking Hambros and Tim O’Connor, ex-Barclays Wealth head of proposition, set up the Private Investment Office.