Ryden, Scotland’s largest independent property firm, is putting on a brave face, despite the shock defection to Montagu Evans of its managing partner elect Hugh Rutherford and three more key personnel.
Ryden would not confirm it intended fill the vacuum by in turn poaching some big hitters, but a source said: “These are four partners and three of the biggest fee earners. They have got to do something to save face.”
Ryden did confirm that the following staff members would be promoted to partner status: Tim Bunker, an Edinburgh rating specialist; Mathew Edwards, who heads investment and asset management in Leeds; Ken Shaw, who covers investment and agency in Aberdeen; and Glasgow-based Ian Dougherty and Ken McInnes, who cover investment and agency respectively.
A spokesperson said the firm’s Edinburgh strategy would become clearer over the next few weeks. Jim Shankland, chief executive of Ryden, added: “We’re currently discussing the terms and timetable of the four partners’ departures. We have a healthy and strong-minded practice and we intend to continue to focus on growing our business by providing a quality service to our clients.”
The four to leave Ryden – Edinburgh head of office agency Hugh Rutherford, leisure and retail specialists Peter Grant and Andrew Richardson, and Glasgow-based property management partner Louise Younger – are all joining Montagu Evans as partners. They will work out of the firm’s Edinburgh office under Peter Lowrie, who leads the investment department in Scotland, and who recently moved back to Edinburgh from Glasgow to head up the office.
DM Hall has also lost one of its biggest agency fee earners after John Clements quit the compay for King Sturge, following Graeme Davies’ decision to leave King Sturge to lead Lambert Smith Hampton’s Edinburgh office.
EGi News 03/05/01
