Alliance Trust, a Scotland-based investment firm, has registered two new subsidiary companies in England after warning of ‘uncertainty’ over the Scottish independence referendum.
Alliance, which manages and administers more than £10bn, took the step to allay customers’ fears about what would happen to their savings if Scots vote to break away from the UK.
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"We are extremely proud of our 126 year Scottish heritage but I think the reality is you have to be very aware of the risks that your customers are facing and ensure you can provide certainty and continuity of services," Katherine Garrett-Cox, CEO of the firm, told Reuters in an interview.
Around 80% of Alliance’s customers and two thirds of its shareholders are outside Scotland. The firm has an office in London, but 230 of its 260 staff are in Scotland.
Scottish finance secretary John Swinney said: "The issues raised by Alliance Trust are entirely addressed by the propositions put forward by the Scottish government, and show exactly why our proposals for a formal currency area are the right proposals."
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