Scottish fears for city wealth firm

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All new investments in Scottish-based financial services may be suspended if they do not re-locate to the UK if Scotland goes independent, a Sheffield wealth management company has warned.

Pearson Jones Plc, of Eccleshall Road, which has 2,100 clients with some exposure to a Scottish provider, researched the contingency plans of financial organisations in the event of a vote for independence this spring when a “Yes” vote looked far less likely.

In the survey, financial services companies including Standard Life, Scottish Life, Scottish Provident, Alliance Trust and Aberdeen Asset Management all indicated they had plans to relocate.

Pearson Jones manages investments, mainly for Yorkshire clients, totaling about £1.2bn, about £300m of which is held via institutions headquartered in Scotland.

Investment director, Peter Heckingbottom, says: “While, in an extreme case, we may have to temporarily suspend new investments in the event of a “Yes” vote, we are not expecting to have to do so as we anticipate that all these companies will have now fully prepared for this.”