Edinburgh and Glasgow have boosted their positions as leading global financial centres, according to the latest Z/Yen Global Financial Centres Index, the leading measure of international financial centres.
In Western Europe, Edinburgh is ranked 9th and Glasgow 10th. In the “Established International” list of globa financial centers, Edinburgh is ranked 8th.
Scotland-based investment firms including Abrdn, Baillie Gifford, Walter Scott, Aegon UK, Martin Currie, Alliance Trust have over $1 trillion of assets under management & administration (AUMA).
Edinburgh’s improved score and Glasgow’s impressive five-place jump underscores the continued growth of Scotland’s financial services sector.
Globally, Edinburgh placed 29th overall, with an improved score, while Glasgow is placed at 32nd, up five places on last year and up from 51st the year before.
Trade body Scottish Financial Enterprise said the financial sector is the biggest sectoral contributor to Scotland’s economy, representing £13.6 billion or 9.2% of GVA
Scotland’s financial and related professional services sector employs 160,000 people – around 9% national employment
“The results highlight the strength of the financial services sector in Scotland, with the expansion of global firms establishing significant regional hubs in Scotland including Barclays, Blackrock and JP Morgan …” said Scottish Financial Enterprise.
“This, combined with Glasgow and Edinburgh’s … growing expertise in fintech and AI, and a strong pool of talent, provides a valuable asset in the development of the sector.”
Scottish Financial Enterprise CEO Sandy Begbie said: “To have Scotland’s two largest cities continue to improve their rankings among the leading financial centres highlights the value of financial services sector to the Scottish economy.
“Our outstanding pool of talent, well-established ecosystem and world leading universities, combined with our relationship with London, provide a distinctive proposition for businesses looking to establish themselves in the UK market.
“As our sector growth strategy outlined our goal is to see Edinburgh and Glasgow break into the top 20 and 30, respectively, and we are actively pursuing strategies to achieve this ambition. We now need to capitalise on the achievements of our sector to secure Scotland’s position as a global leader in financial services”
Koral Anderson, Site Lead for Barclays in Scotland, said: “At Barclays we recognise the strength of the financial services sector in Scotland and we are proud to be part of its continued growth which is reflected in these results.
“With 6,000 jobs at our Glasgow campus our investment in Scotland as a financial hub is clear and to see Scotland jump up the GFCI rankings highlights that our strategy is the correct one.”