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NCM Fund Services started its life as Noble Corporate Management, part of Noble Group, the merchant banking house based in Edinburgh. The initial clients of the business were Scottish Limited Partnerships created in order to allow Names at Lloyds of London to have limited liability on their underwriting after the disastrous huge claims in that market in the early '90s. Thereafter, several other vehicles were added to the mix as Noble did a significant amount in the PFI sector and then in VCTs and other tax based products managed by Noble Fund Managers. By the turn of the millennium, NCM was providing services to other funds managed outside the Noble group of companies and this continued to grow gradually until the sale of the Noble Group to Espirito Santo in 2009. Henry Chaplin was part of the original Noble Group management buy-out and, at the time of the sale to Espirito Santo, was running the fund management business which also included NCM Fund Services. Kathleen McLeay became CEO of NCM Fund Services in 2007 having previously been in Noble's Corporate Finance department. Henry and Kathleen bought NCM Fund Services at the time of the Group sale and it has gone from strength to strength.