SWIP
August 14, 2009
The designation by Lloyds Banking Group of the Scottish Widows Investment Partnership as a ‘centre of excellence’ for the Group’s asset management is very good news for our industry here in Scotland and for Edinburgh. It was apparent from the outset of Lloyds’ acquisition of HBOS that some consolidation of SWIP and Insight was possible, if not likely. The decision to place the centre of gravity for this side of the Group’s business in Scotland, alongside the insurance division, is a major reinforcement of Scotland’s position as a world centre for asset management. Edinburgh alone is ranked 11th in the world for this sector, which has far-reaching influence on economies and commerce around the world (because it makes and manages investment decisions). While recent commentary onEdinburgh’s resilience as a tourist destination in the face of a worldwide downturn is welcome, I believe the Lloyds decision is just as significant for the longer term. It reaffirms the city’s standing as an international centre for financial services of the most cerebral kind and lends further weight to our promotional efforts overseas. Owen
