David Russell CA

David Russell CA


David trained as a CA with KPMG Edinburgh, qualifying in autumn 2021 when he was promoted to Assistant Manager. Working in the Financial Services audit team, he performed statutory audits on a range of clients operating in the asset management sector, including investment funds, trusts, FTSE 100 asset managers and associated SPV’s. At KPMG, David took a keen interest in investment valuations, assuming overall responsibility for auditing the unlisted investment valuations for several clients, in particular PE and infrastructure funds, as well as delivering workshops and training and managing junior staff on his engagements.

In February 2022, David made his first move into industry at Abrdn as a Fund Controller in the Concessionary Infrastructure team. Here, he took overall responsibility for a range of infrastructure funds and SPV’s operating in the PFI space, where he drove further efficiencies in the quarter-end reporting process, leading to faster review of the outsourced management accounts.

In September 2022, David joined the Abrdn Core Infrastructure team on secondment, where he took ownership of a newly launched direct investing European infrastructure fund, alongside a complex legacy SPV structure investing in gas transport assets in the North Sea. This role encompassed managing and reviewing the work of the outsourced administrators, in particular the production of quarterly management accounts, capital statements, financial statements, as well as in-house produced investor reporting, capital management and overseeing the statutory audits of his assigned funds and SPVs.

Alongside this, he also took overall responsibility for the valuations aspect of the external audit across all the team’s funds, working closely with the first year auditors and the deal team to ensure a smooth and timely process, leveraging his understanding of the valuation models, assets and audit and reporting requirements.

During this time, he also partnered closely with colleagues from the deal, tax and legal teams, as well as the outsourced administrator, to facilitate fund financing, set up new SPV’s to support investing activities, and ensure new investments were financed and accounted for correctly. In addition, he oversaw the refinance of the gas transport asset structure, supporting tax and legal colleagues with structuring work, and the deal team with funds flow and modelling.

David joined the Hutcheon Mearns team in January 2024, and is based our Edinburgh office.


4 years in Big Four practice, and 2 years in industry.

IT / Systems

Excel, Word and Powerpoint, eFront.

Key Skills

Financial statements, unlisted asset valuations, audit support, financial modelling, management accounts, process improvement.

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