Jupiter Asset Management, a UK-based firm, is outlining plans to tap Scotland wealth management market by establishing sales presence in the country.
The new expansion plan is said to be on the back of Gordon Davidson’s appointment as business development director for Scotland.
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Further, the national wealth management industry is expected to provide the company with potential opportunities alongside its life insurance and UK institutional businesses.
Davidson was quoted by Fundweb as saying that for the company to create a sales presence in Scotland, Jupiter had to overlook the common misconceptions about the Scottish market within the London fund management industry.
"Lots of people based in London would say that in some respects the marketplace in Scotland seems terribly parochial and that the growth prospects are modest but the more research we did and the closer we got to some of the big businesses up here, a very different picture formed," added Davidson.
The altering demographics is anticipated to drive the asset management market’s growth to a long-term growth industry. According to the research carried out by Jupiter, there are more wealth managers per capita in Edinburg than in the UK.
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By GlobalDataDavidson stated that the firm’s immediate priority is to build a client base in Scotland.
"What we want to do first of all is just extend and deepen our relationships with clients and key influencers in these three areas," added Davidson.
"We want to win business and we are starting to post some scores and raise some assets. Beyond that there are all sorts of possibilities but I think we’re all agreed that we want to do this step by step and don’t want to get carried away too quickly."
