Edinburgh a hit with financial institutions

It used to be the case that a stint in London was the key to career progression within financial services. Not any more, Scottish recruiters say.

Alex Philips, managing director of recruitment firm Morgan McKinley's Edinburgh office says that financial services employees in Scotland don't necessarily aspire to go to London.

"It is not a necessity for people to go to London to develop their careers, as there is ample opportunity in Edinburgh," Philips says. "Candidates with prior Investment experience both junior and senior should have no problem finding good jobs within the Edinburgh marketplace."

With a strong showing from a number of US investment houses, such as Mellon, Citibank, State Street, Franklin Templeton and JPMorgan, candidates have a number of institutions to choose from in addition to those already well established Scottish Investment businesses. The growth in this sector ensures there are plenty of current opportunities for candidates with experience in project management, relationship management, risk and operations, Philips says.

"Finance directors can broadly earn 80,000-90,000, middle management about 40,000-60,000, and institutional fund managers can expect comparative packages to London."

The Edinburgh financial services industry may receive another boost as other well known big banks are known to be looking at Edinburgh as an additional location to London in the near future.

Edinburgh's ability to offer opportunities to senior staff comes despite reports in the Financial News that custody staff of the world are homing in on London. In recent years, the paper says, Tim Keaney, head of Europe for Bank of New York, and partners Andrew Tucker and Jeff Holland of Brown Brothers Harriman have all come to the work in the City.