GUEST COMMENT: Edinburgh has no problems attracting world-class private bankers

Edinburgh has long excelled in traditional asset management and has attracted some of the best fund managers from across the globe. However, it's only comparatively recently that wealth management has become a robust element of the financial sector north of the border, leading some to suggest the sector faces difficulty recruiting sufficient supplies of talent to support its growth.

I would argue this definitely wasn't the case. Most of the core private banks are now represented in Edinburgh and a number of the private client stockbrokers have set up shop north of the border. Houses such as Williams De Broë, Brooks Macdonald and Ruffer now have a growing presence here.

So, where is the talent coming from? Many firms have either taken people (or indeed teams) from other Scottish houses or have been hiring externally to bolster their presence in north of the border and the number of opportunities here makes it an attractive proposition.

There are job opportunities for professionals who are willing to consider Scotland in a number of areas: private banking, portfolio management and also other investment sales related roles. Many of the UK wealth managers have core middle and back office functions in Glasgow and that is also one area that has been picking up in employment terms.

There are three important reasons why job opportunities in the wealth management area in Scotland continue to be relevant to UK job seekers in that market.

Firstly, Edinburgh has an excellent stock picking, research and sales base across its fund management industry. This creates an opportunity for people in the institutional space to move across to the often more client-focused private banking world. The talent is already here and a number of people have made the cross-over in Scotland.

Secondly, there continues to be the quality of life argument. Edinburgh, and indeed the rest of the major cities in Scotland, have a vast range of facilities for people interested in sports, arts and quality family time away from work. Private client fund managers continue to be attracted to such a good work-life balance away from the grind of the city of London.

Thirdly, and most importantly, continues to be a strong demand for investment advice from Scotland's wealthy community, which is creating job opportunities.

Areas such as the traditional wealth, handed down from generation to generation, who continue to want quality investment advice for their trusts, charitable activities and the like. There is also the more entrepreneurial wealthy as major Scottish business owners make their mark and seek advice as well as the oil wealth in Aberdeen.

In that context, the needs of these clients are increasingly complex from an investment and tax perspective. Wealth structuring is often required in addition to traditional portfolio management, and all of this requires individuals with a broader skill set. If someone has quality experience in the industry across such these areas and can also attract and retain clients, then there are opportunities in Scotland to build a client book base.

So, what one may give up in London in terms of salary they can benefit and take advantage of the points above.

I believe that wealth management will become an increasingly important part of the Scottish financial sector going forward and - as it evolves into a more dynamic market - definitely won't struggle to attract top-class private bankers.

Saftar Sarwar is managing partner at Kingdom Capital Partners LLP

saftar@kingdomcp.com