Triple chance of jobs boost
Scotland might not be playing in the World Cup in Germany but its financial services sector could yet score a hat-trick this summer.
Its three chances at goal?
- Up to 30 billion of funds could be returning to Scotland to be managed if talks between Resolution and Santander succeed. The Spanish parent company of Abbey is in talks with Resolution to sell Abbey's closed life insurance funds.
Scottish Mutual, Scottish Provident and Abbey life funds were managed from Glasgow until two years ago.
Resolution Asset Management, which was until this month Britannic Asset Management, has just further demonstrated its credentials with an 18% rise in profits, a 39% rise in new business and a doubling of funds under management to 38 billion.
The number of jobs at the company in Glasgow has risen from 275 to 320.
- Aberdeen Asset Management (AAM), which last year took over the UK arm of Deutsche Bank Asset Management, is looking for new acquisitions.
This follows this month's announcement of a quadrupling of half-year profits to 36.8m, with net new business of 3.6 billion.
AAM wanted to buy parts of the fund management group Gartmore after its US parent company put it on the market, but a private equity group is now in exclusive neogitations to buy it. AAM is prepared to team with New Star Asset Management to buy something else.
- Dutch bank ABN Amro may move some operations to Edinburgh, but the company is refusing to confirm or deny the plan.
The story originated in the Edinburgh property industry after the bank was reportedly looking at offices there including Waverley Gate, the new name for the old post office building across North Bridge from Waverley Station and the Balmoral Hotel.
However, ABN Amro last month announced the loss of 1,500 jobs worldwide, taking the total to 5,900 losses since 2004. At the same time the bank is recruiting 900 back-office workers in India, China and Eastern Europe.
