Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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
Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

1 Comment Play On the Road... in the South West

On the Road... in the South West

The On the Road team travelled to the corners of Devon and Cornwall to find out more about the wealth management scene in South West England, writes Ted Monroe.

Play BlackRock's Whitestone: why shorting pubs paid off

BlackRock's Whitestone: why shorting pubs paid off

Dan Whitestone, who manages the BlackRock Throgmorton Trust alongside Mike Prentis has benefited from shorting pubs.

Your Business: Cover Star Club

Profile: how to control your destiny in an age of regulation

Profile: how to control your destiny in an age of regulation

‘RDR was good news to us because it aligned our practices with the industry,’ says Courtiers boss Jamie Shepperd

Wealth Manager on Twitter