Scotland is internationally recognised as the most important UK financial centre outside London and the south east of England, with a breadth of services including global custody, asset servicing, banking, investment management, corporate finance, general/life assurance and pensions.
MORGAN STANLEY
Over the last 10 years, Morgan Stanley’s office in Glasgow has grown from a handful of people to more than 1,000 employees, and it’s still growing. Back in 1999, Morgan
Global funds under management by Scottish fund managers total almost
£750 8% billion.
It makes a major contribution to the life and economy of Scotland, contributing
to the country’s GDP.
Financial services employs nearly
people directly and more than
more across a range of other industries in Scotland.
95,000 70,000
Scotland accounts for
of total employment in financial services across Great Britain. However, in life and pensions it accounts for nearly a quarter of all jobs in Great Britain.
9%
In more general terms, financial and business services accounted for just under
359,000 15%
jobs, equivalent to of employment in Scotland.
Stanley made the decision to relocate and expand some of its services to Scotland because of a number of factors: good infrastructure, high-quality real estate and good transport links – but most of all, it had the depth of skills and knowledge in financial services that the company needed to take its business forward. Glasgow is home to the Operations, IT,
Finance and Fund Services divisions, which are fully integrated into Morgan Stanley’s global network to support all of its businesses: Institutional Securities, Wealth and Asset Management, around the world. The latest function to establish itself in
Glasgow is the Information Security team and that is expected to expand over the coming years to protect the company’s data and intellectual property. Glasgow is now Morgan Stanley’s fourth largest
OTHER RECENT DEVELOPMENTS IN SCOTLAND
BNY Mellon The Bank of New York Mellon Corporation is to expand its Scottish workforce to 650 employees with the creation of 60 new jobs in Edinburgh. BNY Mellon is one of the world’s
leading financial services companies offering investment management expertise and other financial solutions to businesses, institutions and individuals. The new jobs, part of an expansion of BNY
Mellon’s Blenheim Place offices in Edinburgh, have been secured with the involvement of Scottish Development International, Scottish Enterprise and Skills Development Scotland. The company, which manages assets
totalling £733 billion, has had a presence in Scotland for 20 years and currently has three offices in Edinburgh.
BlackRock US money management firm BlackRock has also announced plans to create up to 250 new jobs in Edinburgh, doubling the company’s workforce in the city to more than 450 staff by the end of the year. Stewart Carracher, Head of BlackRock’s
Edinburgh office, said: “BlackRock has for many
years recognised the attractiveness of Edinburgh as a financial centre and the high-calibre talent pool that exists within the financial services industry across Scotland. “We have made a firm commitment
to expand our operations in Edinburgh and look forward to the next stage of our development here.” BlackRock has offices in 25 countries
with more than 9,000 workers providing investment management, risk management and advisory services.
DnBNOR DnBNOR, Norway’s largest financial services company, is bringing its international energy bank to Aberdeen. The company identified the city – the centre of the North Sea energy industry – as an area of continued growth.
NFUM The National Farmers Union Mutual is creating 46 jobs at its new-purpose built premises in Centenary House in Glasgow. The insurance, pensions and investment specialist plans to increase its workforce in the city to more than 350.
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centre after New York, London and Hong Kong – that’s why it views Glasgow as one of its major global offices. Morgan Stanley believes being in Scotland
is important. The country has a long history of financial services expertise and today is a major European financial services centre. It’s also home to many of Morgan Stanley’s competitors who, like them, have been attracted by the talent and the time-zone platform that Scotland gives to international trading across Europe, the Far East and North America.
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