State Street to create Edinburgh Centre of Excellence
Global financial services leader State Street is to establish a European Centre of Excellence in Edinburgh, creating 90 new jobs, Cabinet Secretary for Finance John Swinney announced today.
State Street, which provides financial services to institutional investors, is expanding its Scottish operations by creating a European Centre of Excellence for cash servicing. The announcement will increase the company’s Scottish workforce from 750 to 840 employees and the new posts will be in professional and administrative roles.
State Street operates in 26 countries and more than 100 markets and has had a presence in Scotland since 1998. The firm offers investment management, research and trading and investment servicing and has £14.1 trillion in assets under custody and administration and £1.3 trillion in assets under management.
Scottish Enterprise and Scottish Development International have worked with the company to support its growth plans in Edinburgh.
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 and I am delighted that State Street is expanding its Scottish operations and creating 90 new jobs.
“State Street is a global leader in financial services, operating in more than 100 markets. The company’s decision to increase its Scottish presence through the creation of a European Centre of Excellence is testament to quality and skills of the local workforce.
"The Scottish Government, Scottish Enterprise and Scottish Development International recognise the substantial contribution that the financial services industry makes to our economy. We are working with the industry to strengthen Scotland's position as global centre for financial services and this new investment marks further growth in this important section of our economy.”
State Street Chief Operating officer Barry Muir said:
“State Street has for many years recognised Edinburgh as a key financial centre and for the high calibre talent pool that exists within the financial services industry across Scotland. State Street has recently won a number of large mandates with large UK clients and Edinburgh will play a key role in servicing these.
“We are pleased to make this firm commitment to create a European centre of excellence here and we look forward to building on the strong business growth we continue to experience.”
Scottish Development International Chief Executive Anne MacColl said:
“State Street’s decision to expand its operations and locate its prestigious Centre of Excellence in Edinburgh is a real stamp of approval for the financial services sector both in Edinburgh and across Scotland.
“Scottish Development International and Scottish Enterprise look forward to continuing to work closely with the company, as it goes from strength to strength in Scotland.”
Background
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With £14.1 trillion in assets under custody and administration and £1.3 trillion* in assets under management at March 31, 2011, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s website at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust (approx. $56 billion as of March 31, 2011), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors serves as the marketing agent.