eFinancialCareers

Asset management operations in Scotland continue to attract more premier managers than many other parts of Europe, according to recruiters.

Earlier this week, a European fund manager conference in London reported that some of the largest Euro funds are complaining about a dearth of alpha-rated managers – those able to outperform the market and take risks.

However, Margaret Dyer, director of Joslin Rowe, says Scotland’s financial centre appears to be bucking the trend.

“What’s noticeable is the number of high-performing players who have gone down to the London market, only to return.

“Clearly, the Scottish market is seen as equal in this industry, and with new players like Fidelity announcing their entrance into Scotland, the number of premier fund managers seems likely to grow,” she adds.

Privately-owned US giant Fidelity International, with £21 billion of funds under management, says it values Edinburgh and chose the location of its new office with great care.

Managing director Richard Wastcoat told The Scotsman: “There are benefits of having a core group of people based in Edinburgh, where there is a very strong talent pool focusing on UK equities, complementing what we do in London.”

John Lawson, head of pensions policy at Standard Life, points to the "huge skill set" on display in Scotland in terms of fund management and pensions, "even more so than, say, London", he claims.

Lawson adds that such a critical mass “is undoubtedly proving hugely attractive to any new financial player choosing a place to set up business”.