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 Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: why Patronus Partners' founder left the only job he ever knew

Profile: why Patronus Partners' founder left the only job he ever knew

'There was a definite idea of how things would work out over 12 months. When we look back, that was inaccurate'

Wealth Manager on Twitter