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.

Standard Life may exit an independent Scotland

5 comments
Standard Life may exit an independent Scotland

Standard Life has begun preparatory work for moving operations from Scotland to England ahead of September’s independence vote.

The group cited as causes for concern the uncertainties over ‘material issues’ including the currency an independent Scotland would use, Scotland’s membership of the European Union, and potential changes to regulation and taxation.

Standard Life therefore confirmed that it had started work as ‘a precautionary measure’ to establish additional registered companies to operate outside Scotland, into which it could transfer parts of its operations if it was necessary to do so.

Chairman Gerry Grimstone (pictured) stressed that Standard Life was ‘strictly apolitical’ and would not give any views on how people should vote. ‘Equally, as one of the largest companies headquartered and based in Scotland, it is appropriate that we have carefully thought through the potential consequences if Scotland were to become an independent nation,’ he added.

Standard Life, which has been based in Scotland for 189 years, also reported its full results for 2013 at the group level.

Assets under administration rose by 12% to £244 billion, driven by net inflows that soared by 92% in 2013 to £9.6 billion.

The company also hiked its final dividend by 8% to 10.58p, equivalent to a total pay-out of £375 million for the year.

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 JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter