Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Scottish fund firms face multi-million pound bill for independence

2 Comments
Scottish fund firms face multi-million pound bill for independence

Scottish fund managers would have to pay millions for a new regulator if independence from the UK goes ahead.

Owen Kelly, chief executive of Scottish Financial Enterprise said an independent Scotland would require a whole new legal and regulatory frame work, which would create difficulty for Scots-based funds, the Financial Times reports.

‘A Yes vote would require an additional financial regulator with hundreds of staff,’ said Kelly. 'The cost would run into millions and have to be paid for by the industry in Scotland.’

He said fund managers would need to tailor products for a new tax regime and construct a brand new consumer protection and regulatory regime.

‘Some changes will be necessary if fund managers cease to be in the same legal jurisdiction as the City of London, and 90% of their customers.'

Scottish fund groups account for 4,000 jobs and £520 billion of assets. Around 25% of assets managed by UK firms are by Scottish funds groups.

On 18 September, voters in Scotland will be asked: 'Should Scotland be an independent country?'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter