Date Created: 30 January 2012
A group of leading international fund managers has united behind Edinburgh's bid to host the UK's Green Investment Bank.
In a significant boost for the capital, chief executives from Standard Life, Baillie Gifford, Kames Capital, Artemis Investment, Martin Currie and Aberdeen Asset Management have written to UK Business Secretary Vince Cable urging a decision in favour of Edinburgh.
They argue that Edinburgh has allowed their businesses to thrive and has the capacity to attract and retain people with high levels of investment and expertise.
The Green Investment Bank would be ideally placed to benefit from the "quality of Edinburgh's transactions system and its cost effectiveness, infrastructure and global connections."
Edinburgh's bid was further boosted by a show of unity from Scotland's cities. The leaders of Aberdeen, Dundee, Glasgow, Highland and Stirling Councils have all expressed their support for Edinburgh and the positive effect the new bank could have across Scotland.
The show of unity is expected to support Edinburgh claim with the capital facing competition from around 19 other locations as the Department of Business Information and Skills decide on the location of the bank.
Edinburgh's strong business case has been developed by the Edinburgh Green Investment Bank Group, a partnership that includes Scottish Enterprise, Scottish Financial Enterprise, City of Edinburgh Council, Edinburgh Chamber of Commerce and local politicians.
Owen Kelly, chief executive of Scottish Financial Enterprise, said:
"We have put together a very compelling argument. As the UK’s most complete financial services centre outside of London, Edinburgh has all the necessary skills and talent that the Green Investment Bank will require.
"When you combine that with the vast renewable and low carbon expertise that exists both in and around Edinburgh area as well as its proximity to key developments across Scotland the North of England, we believe that Edinburgh is best placed to deliver the UK government’s low carbon ambitions."
"The response we’ve had to our plans has been overwhelmingly positive and there is real consensus that bringing the Green Investment Bank could be a game changer in accelerating the commercialisation of low carbon technologies both in Scotland and across the UK."
Key factors in Edinburgh's Green Investment Bank bid include:
- A global centre for for financial and professional services with a well developed talent pool
- The fourth largest financial centre in Europe based on equity assets and a strong track record in attracting and managing finance from global markets
- A proximity to renewable energy and low carbon development not found elsewhere in the UK meaning the Green Investment Bank could become a global centre for excellence
- World-class academic research in renewables and low carbon technologies at univerisites in the Edinburgh area
- High quality infrastructure and transport links make Edinburgh one of the most well connected cities in the UK
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