This item was published during the term of a previous administration that ended in April 2007
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Promoting business-university links
06/02/2007
Scotland's universities and financial services industry have agreed to look at ways they can collaborate more effectively in the future.
A number of university principals met this morning with the Financial Services Advisory Board (FiSAB), chaired by First Minister, Jack McConnell, and agreed that closer working between the industry and universities could provide significant rewards.
The First Minister said that work would now be taken forward and indicated that areas being looked at would include:
- Ensuring universities produce graduates with the right skills for the financial services sector
- Positioning Scotland as a financial services centre of expertise and innovation
- Looking at the opportunities in emerging markets such as China
Mr McConnell:
"Our universities and financial service companies are two of Scotland's most prized assets. They are respected throughout the world and have centuries of success behind them. This mornings meeting was looking at the future and how we can maximise the potential of these great institutions working together.
"There was real enthusiasm from both sides about the potential benefits that could be gained from closer working. If this initiative can help position Scotland as a global centre of expertise in the financial services and exploit opportunities in emerging markets then it could be a very exciting time for all concerned."
The Deputy First Minister and Enterprise and Lifelong Learning Minister Nicol Stephen added:
"The financial services sector is booming right across Scotland, from the traditional centres of Edinburgh and Glasgow to growing hot-spots in Dundee, Aberdeen and further afield. It is vital that we are able to meet the need for an expanding workforce from within Scotland if the success story is to continue at the pace we all would like it to.
"Today's meeting confirms that our universities remain very focussed on producing graduates with the full range of skills to meet the needs of Scottish business. This collaboration will keep Scotland at the global centre of expertise and innovation and gives us the strongest possible opportunity to expand into the giant economy of China."
John Campbell, Chairman of Scottish Financial Enterprise and Deputy Chair of FiSAB said:
"Scotland is one centre of excellence competing in the global financial services market. To ensure our continuing success and to increase our market share around the world, we need to have access to the very best people and lead the way in product innovation. There are many good examples of financial services companies and universities in Scotland working together, which we can build on to mutual advantage through stronger collaboration. There is also massive potential to establish Scotland as the place where financial leaders of the future can gain the educational springboard they will need."
FiSAB was set up to deliver the 'Strategy for the Financial Services Industry in Scotland'. It is a unique partnership of the industry, the Trade Unions and the public sector.
Membership of the Financial Services Advisory Board is:
- First Minister, FiSAB Chair
- Deputy First Minister
- John Campbell, FiSAB Industry Deputy Chair; Chairman, SFE; and Managing Director, State Street Corporation
- Ian Ferguson - Director of Underwriting (Commercial), Norwich Union
- Martin Gilbert - Chief Executive, Aberdeen Asset Management
- Trevor Matthews - Chief Executive Life and Pensions UK and Europe, Standard Life
- Colin Matthew - HBOS
- Lisa Stephenson - Director, Lloyds TSB Scotland
- Ben Thomson - Chief Executive, Noble Group
- Otto Thoresen - Chief Executive, Aegon UK
- Margaret Wallace - Executive Director, Morgan Stanley
- Willie Watt - Chief Executive, Martin Currie
- David Fleming - National Officer, Amicus
- Graeme Dickson - Head of Enterprise and Industrial Affairs Group, Scottish Executive
- Jack Perry - Chief Executive, Scottish Enterprise
Scotland has a long history of innovation and excellence in financial services. Today Scotland has particular strengths in banking, life assurance and pensions, investment management and asset servicing. It also has vibrant general insurance, corporate finance and broking services sectors, and a strong community of professional advisors and suppliers.
Scotland is one of Europe's leading financial centres and the UK's second largest financial services hub after London. Global financial services companies are headquartered and located in Scotland, servicing worldwide markets and utilising the benefits of easy access to the key London and European markets.