This item was published during the term of a previous administration that ended in April 2007
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Morgan Stanley to expand in Scotland
04/04/2006
The American financial services firm Morgan Stanley is to expand its operations in Scotland with another 300 high quality jobs at its Glasgow base.
Confirmation follows Morgan Stanley's Card Services division's acquisition of the Glasgow-based Goldfish credit card operation which was completed in February.
It came in New York after the company's head of global offshoring David Neuwirth met First Minister Jack McConnell to discuss the expansion and the retention of 320 Goldfish employees will bring the company's total Scottish workforce to almost 1,800.
In America for Tartan Week, the First Minster said:
"Today's announcement is clear evidence that Scotland's financial services sector is thriving. Morgan Stanley's expansion can only enhance our reputation as a great place to invest and do business.
"It is a further tribute to the strength, skills and depth of the fantastic workforce at the disposal of companies who choose to locate in Scotland. Morgan Stanley's decision is also a reflection of the hard work and dedication of Scottish Enterprise officials.
"I am delighted that we have been able to secure these new jobs in Glasgow with the help of £3.2 million in Regional Selective Assistance. Scotland is now the company's largest base in Europe outside of London. The new jobs are a result of Morgan Stanley expanding its Institutional Securities Services (ISS) and Private Wealth Management (PWM) operations in Glasgow. Among the new high quality positions on offer are those for financial and operational managers and analysts.
David Nicol, Chief Administrative Officer of Morgan Stanley in Europe, said:
"Glasgow is one of the great financial centres of the UK, with a vibrant, dynamic population and economy. We are very pleased to be expanding our established presence there, further underlining our strong commitment to Scotland."
The financial services sector is regarded as one of Scotland's key sectors, generating £5 billion of the Scottish GDP and is one of the fasted growing sectors of the Scottish economy over the past five years.
Martin Togneri, Chief Executive of Scottish Development International, said:
"Among the reasons Morgan Stanley chose Glasgow to expand its operations, despite stiff competition from other locations, was that it is a well established financial centre that provides them with the right quality and quantity of skills. The news that the company will create up to a further 300 jobs is a tremendous boost to Glasgow's growing International Financial Services District and to Scotland's financial services industry more generally."
Morgan Stanley is a global financial services firm and a market leader in securities, investment management, and credit services with more than 600 offices in 30 countries.