US financial giant to create 60 Scottish jobs

BANK of New York Mellon has become the third financial services giant to expand its operations in Edinburgh this year, providing some relief to the beleaguered sector.

The company is hiring 60 staff focused on asset servicing and Tim Keaney, European chairman, said it confirmed the firm's view that Edinburgh is one of its key centres.

"The investment underlines our continued commitment to the city and to Scotland," he said.

BNY Mellon has been in Edinburgh for more than 20 years and in 2006 acquired Walter Scott & Partners, the global equity specialist.

John Swinney, cabinet secretary for finance, welcomed the expansion of the group's Scottish workforce to 650. Earlier this month asset servicing giant State Street revealed it would hire a further 90 staff and in March investment manager Black Rock announced it would add 250 jobs.

Swinney said: "Scotland remains a competitive and attractive destination for international finance, we continue to attract the biggest names in the industry, as today's news and the announcement earlier this month confirm."

Alan Thornburrow, the chief executive of Scottish Investment Operations, said: "Asset servicing is a vital part of the Scottish financial services landscape and this announcement is a further endorsement of our global expertise in this area."