Jobs boost for Glasgow
One of the world's leading wealth and asset management software solutions and services company, Odyssey Financial Technologies, is to open an office in Glasgow, it was announced today.
Odyssey specialises in software for private banking, private wealth management and asset management firms. The company will recruit 20 software developers for the Glasgow project in January 2010 and positive market developments could increase this number to 200 staff in the medium term.
The company selected Scotland as the location for its new Centre of Excellence for Software Development on the strength of its financial services community and skilled workforce.
The Scottish Government has supported Odyssey's plans to locate in Glasgow with a a Regional Selective Assistance grant of £2.25 million on the overall project plan of 200 jobs being created.
Speaking ahead of Euro Finance Week in Frankfurt, First Minister Alex Salmond said: "The Scottish Government is working hard to create and safeguard jobs in Scotland and I am delighted that Odyssey will open a Centre of Excellence in Glasgow.
"This announcement will create an initial 20 high value jobs in Glasgow and has the potential to create 200 posts in the medium term.
"Odyssey selected Scotland on the strength of its financial services community and skilled workforce - this reinforces our strong reputation for financial services and demonstrates great confidence in Scotland's economy.
"The global financial services industry is in a period of change and challenge, and we are not immune from these pressures. Scotland continues, however, to attract some of the biggest names in international finance as announcements by Tesco Bank, Esure, Capita and BNP Paribas have testified.
"At Euro Finance Week in Frankfurt this Government is working to strengthen economic links with Europe and reinforce the message - to leading global financial figures - that Scotland offers significant competitive advantages for business."
James Thomson, Odyssey Financial Technologies' Senior Vice President R&D and Customer Support Services, said:
"We are delighted to announce the opening of our Development Centre of Excellence in Glasgow. Scotland has a long-established financial services sector community, superb infrastructure, great universities and a wonderful can-do attitude; we are excited by the potential we have found here. This, coupled with the excellent support provided by the Scottish Government, made it the ideal location for Odyssey."
Interim Chief Executive of Scottish Development International, David Smith, said:
"Odyssey's decision to create a new Development Centre of Excellence in Glasgow is a clear endorsement of the value of the Scottish proposition for companies operating in the global financial services sector. Despite recent unprecedented events in the industry, Scotland continues to be an attractive location for new investment and this announcement will build on Glasgow's reputation as a centre for financial services excellence."
Odyssey Financial Technologies is a global financial technology company specializing in front and middle-office software for the Private Banking, Private Wealth Management and Asset Management industries. Over 200 financial institutions in more than 30 countries have chosen Odyssey software products to increase their client service capabilities, reduce costs, and generate additional revenue. Founded in Luxembourg in 1995, Odyssey has offices in the key financial centers, including New York, Singapore, Zurich, Frankfurt, Munich, Brussels, Geneva and Tokyo. Odyssey's operational head office is located in Lausanne, Switzerland. The development centers are located in Toronto, Lausanne and London.
In the last quarter (July to September), RSA funding offers have been accepted by 32 businesses, linked with overall planned capital expenditure of more than £70 million and the planned creation and safeguarding almost 2,500 jobs across Scotland.