The UK’s Investment Association (IA) is staging a new flagship event, the IA Scottish Investment Conference, at the Edinburgh International Conference Centre (EICC) on Tuesday.
Scottish Financial Review is covering the event live.
The IA champions UK investment management. Its 250 member firms collectively manage £9.1 trillion on behalf of clients in the UK and around the world.
The event will be attended by top executives of some of the biggest institutional asset managers and investors in Scotland and London, including Abrdn CEO Jason Windsor, Baillie Gifford managing partner Andrew Telfer, Scottish National Investment Bank chair Willie Watt and Scottish Financial Enterprise CEO Sandy Begbie.
Politicians attending include Scotland’s Deputy First Minister Kate Forbes. The UK government’s Secretary of State for Scotland Ian Murray was scheduled to attend and present a keynote speech — but he cancelled his appearance and sent a video message.
“Scotland is set to be at the heart of the new UK government, with Labour’s flagship energy company GB Energy to be headquartered north of the border,” said the IA.
“Many investment managers, too, are expanding their presence in Scotland. But challenges for the Scottish investment industry persist, including difficult economic conditions, significant regulatory changes and talent retention challenges.
“This conference will look at stimulating productive investment from and into Scotland, focussing on the barriers and opportunities for Scottish investment managers, while also providing a platform for a c.250 participants from across the industry to exchange knowledge, insights, and experiences and network with colleagues, policymakers, and regulators alike.
“Unlike previous IA Briefings held in Scotland, this will be a full-day conference of keynotes, panels, and networking, mirroring the Annual Conference which takes place in London.”
9.30am – Opening Remarks from IA CEO Chris Cummings will be followed by Panel 1: Leading Through Times of Change, involving Andrew Telfer, Managing Partner, Baillie Gifford; Jason Windsor, Chief Executive, Abrdn; Jen Mair, Chief Executive, Martin Currie Investment Management; and Mark Murray, Senior Partner, Artemis Investment Management.
Martin Currie CEO Jen Mair
Jen Mair, Chief Executive, Martin Currie Investment Management: “We are all talking about AI …
“I think it is a game changer for the industry …
“It will be open to all … everyone will be embracing it … I don’t see it as replacing the human … I think it will be an assistant … help speed up the research process …
“AI is something to be embraced … AI can be something that can be adopted relatively cheaply …”
11.10am – What does the National Wealth Fund mean for investors? Karen Northey, Director of Corporate Affairs, The Investment Association. Eddie McAvinchey, Banking & Investments – Scotland / Edinburgh Office Head, National Wealth Fund.
Eddie McAvinchey, National Wealth Fund: “We have an increased appetite for risk … We are out there doing the transactions that are difficult to do ….
“The risk … will not be for all investors.
“We are keen to work with the people in this room … they are also the people we are creating markets for.”
11:25am – Green Infrastructure Investment – A Scottish Perspective.
Paul Scaping, Public Policy Specialist, The Investment Association. Willie Watt, Chair, Scottish National Investment Bank. Aidan McEvoy, Manager, Financial Conduct Authority. David Vallery, Chief Executive Officer, Lothian Pension Fund. Abigail Herron, Global Head of Health and Nature Policy, Sustainable Finance Centre for Excellence.
Willie Watt
Willie Watt, Chair, Scottish National Investment Bank: “There is an imperative to invest in offshore wind, particularly ahead of it being an investment grade level of risk ….
“We are a commercial investor so we don’t try and make something out of nothing … so the key for us is that they are viable projects that probably have a higher risk rating …
“What we are looking for are viable projects that work towards our mission …
“So, for us, really, it’s working with companies that are trying to contribute towards net zero …
“It’s going to be the largest industrial revolution that you’ve ever seen. It’s a massive opportunity for investors, but … it is about getting the risk-reward profile right …
“If the industry has virtually nothing invested in the UK then I think that’s a problem. It’s clearly a political problem but it’s also I think a moral problem …
“I think the transition from oil and gas to renewables … (is) not going to be a smooth transition …
“I think it’s really important that … we recognise there’s a role for oil and gas …
“That transition can’t be revolutionary, otherwise (we will) see mass unemployment … “