Salmond selling wealth management growth

Published on Thursday 5 November 2009 20:34

WEALTH management could become more important for Scotland, bolstering its key financial sector, the First Minister said yesterday.

Despite the problems of the bailed-out banks, the sector's other two pillars – insurance and investment management – are doing well, Alex Salmond believes.

The First Minister said he also saw Scotland becoming a personal finance centre, after Tesco and Virgin unveiled investments in the past year.

But it was wealth management that offered a "good opening" for Scotland's financial sector, building on its existing strength in corporate, pension fund and investment trust management. Salmond added: "We have never really specialised until very recently in wealth management. We have the capacity to do so, and I think we have got substantial opportunities in that field."

He also saw Scotland's financial sector offering a "kind of off-shoring, but quality off-shoring" service for those who wanted to expand and invest once reorganisation had taken place, as it was a slightly cheaper option than other locations.

Salmond said he had a more positive outlook about economic recovery, citing an upturn in regional selective assistance grant applications, positive retail sales and improved engineering exports.