About £615 billion of assets are currently managed in Scotland by fund management firms that are members of the UK’s Investment Association (IA), according to the latest report from the trade body that represents most UK asset managers.
That’s about 8% of total assets managed by IA members at the end of 2017, the IA said.
Almost a quarter of the assets managed by UK-headquartered asset managers are represented by managers with headquarters in Scotland, the report said.
Asset management supports at least 13,100 jobs in Scotland.
Scottish Financial Enterprise estimates total funds under funds under management in Scotland now stand at more than £800 billion.
“Although the City of London remains the leading centre of asset management activity in the UK, Scotland, and particularly Edinburgh, plays a key role nationally,” said the IA report.
“Almost a quarter (23%) of the assets managed by UK-headquartered asset managers are represented by managers with headquarters in Scotland …
“The fact that lower levels of assets are managed in Scotland than would be suggested by the location of firm headquarters is indicative of the fact that, whilst firms may have their headquarters in Scotland, many IA members headquartered in Scotland undertake asset management activity in other regions, most notably in London.
“This is reflected in the IA’s data on location of staffing, which shows that London is more likely to be a location for portfolio manager jobs than other areas of the UK …”
Assets managed by IA members in the UK grew 11% to a record £7.7 trillion and assets managed by the wider UK industry rose 12% to £9.1 trillion, according to the latest IA figures.