Scotland has a long and distinguished history in banking and is home to the headquarters for The Royal Bank of Scotland, Clydesdale Bank, Tesco Bank, Virgin Money and The Bank of Scotland (part of Lloyds Banking Group). Many other UK and international banks have sizeable operations in Scotland, including HSBC, Barclays and Adam & Co.Together they offer the full range of banking services.
Fund Management in Scotland encompasses a broad mix of large institutional companies and smaller boutique firms that provide investment services to institutional and personal clients around the world. The sector has grown considerably in recent years and funds under management from Scotland have grown steadily and now stand at over £800 billion.
Asset servicing is a key growth area in Scotland's financial services industry and Scotland is now a leading European centre for asset servicing offering a comprehensive range of services, including; custody, securities servicing, investment accounting, performance measurement, trustee administration, shareholder services, compliance, client management and retail fund administration.
Insurance, Life Assurance and Pensions
The general insurance, life assurance and pensions sector in Scotland has a strong reputation and an enviable history of success. With its origins dating back to the early 1700s, Scotland continues to be a major centre for the sector and accounts for 24 per cent of the UK employment.
Scotland has large community of professionals providing a broad range of services to the financial services industry. These include many prominent accountancy and legal firms as well as some of the oldest professional bodies in the world.
Scotland’s financial services industry fuels and benefits from an extensive supply chain of providers based in Scotland that deliver the wide spectrum of business services required by global financial businesses. Services provided include expertise in, outsourcing, human resources, business consultancy, and information and communications technology.
Public and private bodies
Scotland's financial services industry is supported by a number of public and private bodies that provide expertise and assistance to individual companies and work in partnership with Scottish Financial enterprise.