Scottish financial sector in New York to promote £14.3 billion industry
SFE Chief Executive Sandy Begbie CBE FRSE is in New York for Tartan Week this week, as part of a delegation including politicians and business leaders representing Scotland at the annual city-wide event celebrating close ties between New York and Scotland.
He attended meetings with major US investors on Thursday including an energy sector roundtable at the United Nations Plaza, focusing on opportunities for investment in Scotland’s renewables sector and the global competition for capital.
He then attended two financial services roundtables discussing SFE’s growth strategy and From Scotland to the World campaign, before speaking at a Scotland Office reception for around 50 senior leaders, hosted by John Lamont MP, Parliamentary Under Secretary of State for Scotland.
Other sector representatives in attended included Fintech Scotland, TheCityUK and City of London Corporation and the Scottish Chamber of Commerce.
On Friday he is attending the Celebration of Scotland Reception hosted by Angus Robertson MSP, Cabinet Secretary for the Constitution, External Affairs and Culture, before joining the Tartan Day Parade.
Scottish Financial Enterprise (SFE) recently launched “Scotland’s new vision for financial services”, a sector growth strategy with the aim of unlocking another £7 billion of Gross Value Added (GVA) for the Scottish economy by 2028.
SFE has also set a target for Scotland’s financial services sector to reach £1 trillion of assets under management by 2030.
Recent major investments in Scotland have been announced by US financial institutions BlackRock, JP Morgan and Morgan Stanley. BlackRock marked 25 years in Edinburgh last year (2023).
Financial services are the biggest sectoral contributor to Scotland’s economy, representing £14.3billion or 9.6 of GVA and the second largest exporter, exporting £9.2bn in 2021.
Scotland’s financial and related professional services sector is a significant employer, providing jobs for 148,000 people – around 9% national employment.
Commenting on the trip, Sandy said: “Scotland’s world-class financial services industry has a proud shared history with the US. JP Morgan traces its roots in Scotland back to the 19th century, while BNY Mellon was established by founding father Alexander Hamilton, who was of Scottish descent.
“In recent years, we have seen major investments in Scotland from US financial institutions including BlackRock, JP Morgan, and Morgan Stanley, and we are determined to continue developing these strong links to attract further investment, creating economic growth and high value jobs.
“The appeal of our sector to foreign direct investors lies in the strength, depth, and maturity of our ecosystem, our world-class universities and talent pool, our record of innovation, and our strong connection with London.
“This is particularly appealing for US companies who see the huge value of Scotland’s proposition as a regional hub for their global operations.
“We launched our new sector growth strategy in October which sets out our plans to add between £4bn - £7bn to the Scottish economy over the next five years. To support these ambitions we want to see an even greater number of US companies come and be part of our thriving and supportive ecosystem.”