Magnificent seven top list of finalists at Scottish Financial Services Awards

SEVEN firms that have "seized opportunities" during the recession have been named as the finalists in the inaugural Scottish Financial Services Awards.

Scottish Financial Enterprise (SFE), the trade body organising the awards, said the nominees were judged on their "contribution to Scotland's standing as a financial centre, long term perspective, benefits for customers, innovation and imagination".

All seven will now compete for the one top prize, with the winner announced at SFE's annual dinner on 28 October.

The prize - which is sponsored by accountancy firm Ernst & Young, with The Scotsman as its media partner - replaces the "innovator" awards, which ran for the past four years.

Owen Kelly, SFE's chief executive, said: "We are delighted to announce seven finalists of such high calibre.

There is a wealth of talent in the Scottish financial services industry so it was by no means an easy job for the judges to select only seven.

"Uppermost in the judges' consideration was how companies have responded to the great changes that continue to flow from the financial crisis."

Kelly added: "The innovators worked well for the industry, but the new awards will be more dynamic, more representative, and better reflect how our industry supports customers and wider society."

Hywel Ball, Ernst & Young's managing partner in Scotland, said: "The awards provide a platform from which to showcase the talent and achievements of Scotland's leading companies, business people, products and services, as the industry continues to adapt and react to a changing economic and regulatory landscape.

"The finalists have shown their ability to seize opportunities and maintain their vision for growth, even in tough times."The nominees for the Scottish Financial Services Award are…

• Aberdeen Asset Management: for succeeding in difficult markets, increasing the size of the company through considered acquisitions in times of turbulence and extending its international reach.

• Archangel Informal Investment: for a track record of angel investment in Scotland, creating jobs and making a long-term contribution to Scotland's economic growth.

• BlackRock: for commitment to Scotland in its decision to make Edinburgh a centre for growth, including the establishment of a worldwide accounting function.

• Citi/Morgan Stanley: for their partnership with Career Academies UK, investing in work ready skills at Scottish colleges.

• FNZ: for rapid growth and success in providing competitive technology and investment.

• Scottish Financial Risk Academy: for academia and industry working together to think afresh about some of the most difficult questions arising from the financial crisis.

• Standard Life Investments: for activity in promoting stewardship of investments and turning in an excellent performance, with growth in assets under management and internationalisation of clients and investments.