Thriving investing populations
For many people living and working in Edinburgh, having a client base that is thriving is part and parcel of the continued success for those companies that still remain in Scotland's capital.
Rushad Abadan, group general counsel at Abrdn, says: “While we have offices around the world, we are proud to be based in one of Europe’s pre-eminent financial centres.
"Scotland has a thriving financial services sector based on a long history that has produced many leading businesses in areas including banking, insurance, asset management and much more.
"That heritage ensures we have access to an impressive base of talent and expertise and can provide a different perspective to solely being London based."
He believes Scotland’s long history as a pioneer in financial services has meant it has helped define modern financial services across the world, creating a strong infrastructure for the industry, including a highly mature ecosystem of adjacent service providers.
These things lead to not just a strong pipeline of talent coming through but also to trust from clients both individual and corporate.
Stephen Jones is chief investment officer at Aegon, the European business that first took a stake in Scottish Equitable in 1994, before buying it outright and then rebranding in 2009. The company maintains substantial offices in both London and Edinburgh.
Jones agrees with others that Scotland’s history as a financial services hub means there is a strong pool of knowledgeable people from which to recruit, while London offers a closeness “to the client base".
Paul Frame is regional director for Scotland and Northern Ireland at advice and wealth manager Evelyn Partners.
He says: "Edinburgh has a large professional middle class population that don’t necessarily have time to manage their own wealth, and this creates plenty of opportunities for financial planners."
Although the bulk of Evelyn Partners business in Scotland is outside of Edinburgh and the surrounds, he points to a thriving and growing younger client base in the country than in England – a client base that is fiercely loyal to Edinburgh.
Frame says: “The average age of our Scottish clients is more than a decade younger than in England.
"We have a lot of self-made people and entrepreneurs, and they want their wealth managed by someone like them, and may not in fact want the Edinburgh-based adviser doing it if they aren’t from Edinburgh. Managing money is a business where people want to trust those they deal with.”
David Thorpe is senior investment editor at FT Adviser
