BNY Mellon expands Edinburgh operations

Global financial services leader BNY Mellon is to expand its Scottish operations, creating over 60 new jobs, Cabinet Secretary for Finance John Swinney announced today.

BNY Mellon, which provides investment management expertise, investment servicing solutions and other financial services to institutions, corporations and high-net-worth individuals globally is expanding its Blenheim Place offices and creating over 60 jobs, increasing its Scottish workforce to approximately 650 employees.

Operating in 36 countries and serving more than 100 markets, BNY Mellon has had a presence in Scotland for more than 20 years and today operates from three locations in Edinburgh.

The company has over £15.5 trillion in assets under custody and administration and £733 billion in assets under management, services £7.2 trillion in outstanding debt and processes global payments averaging £1 trillion per day.

Scottish Enterprise, Scottish Development International and Skills Development Scotland have worked closely with the company to support its Scottish growth plans.

Scotland's financial services industry makes a substantial contribution to the economy employing approximately 95,000 people and accounting for around eight per cent of the country's GDP.

Cabinet Secretary for Finance, Employment and Sustainable Growth John Swinney said: "Scotland has established a global reputation for financial services excellence, with the infrastructure and skilled workforce that can deliver success.

"BNY Mellon has had a presence in Scotland for more than 20 years. I am delighted the company is reaffirming their commitment to Scotland through expanding their operations and creating over 60 new jobs.

"The company’s decision to invest further in Edinburgh reflects the quality and skills of the local workforce and Scotland’s position as a world leader in financial services. 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.

"The Scottish Government, Scottish Enterprise and Scottish Development International recognise the substantial contribution that the financial services industry makes to our economy. Together we are doing all we can to promote Scotland's strengths as global centre for financial services and to secure new investment and jobs.”

BNY Mellon Chairman of Europe Tim Keaney said: "Edinburgh is one of our business’ key centres, and the investment we have made to build upon our existing presence here, both through our ongoing recruitment programme and the refurbishment of our Blenheim Place offices, underlines our continued commitment to the city and to Scotland.”

Scottish Development International Chief Executive Anne MacColl said: “That one of the world’s best known financial institutions plans to expand its presence in Edinburgh is a real testament to the strength of Scotland’s financial services offering, and sends a clear message to the global financial community that Scotland has an abundance of talent and opportunity in this field.

"This is yet another fantastic result for the Scottish financial services industry and both Scottish Development International and Scottish Enterprise will continue to support the company as it fulfils its long-term growth potential in Scotland.”

Scottish Investment Operations CEO Alan Thornburrow said: "We were delighted to work with BNY Mellon to help bring these jobs to Edinburgh. 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."