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Scottish Futures Trust
10/09/2008
Sir Angus Grossart has been appointed chairman of the newly-established Scottish Futures Trust (SFT) company, it was announced today.
SFT, which is being established as a limited company today, will develop the expertise and investment models for a range of public infrastructure projects including new schools, hospitals and transport projects for Scotland at better value to the public purse. This will include the Non Profit Distributing (NPD) model, designed to reduce financing costs and deliver greater impact from investment.
Sir Angus will now spearhead the development of SFT as an operational body.
Mr Swinney set out the original project focus of SFT would be on securing public service hub developments and taking forward a new schools investment programme.
Finance Secretary John Swinney said:
"The establishment of the SFT, and the appointment of Sir Angus as chairman is a significant step forward for Scotland. SFT will bring together a wide range of partners, expertise and resources to provide the high quality schools, hospitals and transport infrastructure that Scotland needs, in a far more cost effective way than PFI has done in the past.
"Sir Angus has the experience and expertise needed to spearhead this new and innovative approach, which will release up to £150 million each year for investment in Scotland's vital public infrastructure.
"We have an infrastructure investment programme of some £35 billion in Scotland over the next 10 years, and SFT will play a key role in delivering the infrastructure vital to this Government's purpose of increasing sustainable economic growth."
Sir Angus said:
"I have been asked to help deliver the Scottish Futures Trust as an effective operating body, to improve the major infrastructure procurement of Scotland. I have accepted the challenge: it is to achieve a better deployment of the talents available in Scotland, from the public and private sectors, to secure greater efficiency and additional financial benefits from a massive infrastructure programme, with investment of circa £35 billion planned over the next 10 years.
"I believe we will create a very strong team and we also need to encourage the many interests involved to seek out common ground and to give us their support. If we can be more self-challenging, aspirational and open to change in this field, I believe that with goodwill, we will deliver. That is why I have put my shoulder to this job."
Angus Grossart practised at the Scottish Bar as a member of the Faculty of Advocates from 1963 to 1969, latterly specialising in corporate law and tax. He is chairman of Noble Grossart Limited, the merchant bank he jointly formed in 1969 with some of the larger financial institutions and commercial interests in Scotland. He has acted as financial or strategic adviser to many public and private companies and other bodies. He has served on a wide range of public company boards in the UK, the USA and Canada involving investment, investment management, property, oil and gas, construction, drinks, insurance, newspapers, media and other sectors. He is a former vice chaiman of Royal Bank of Scotland Group and was chairman of Scottish Investment Trust PLC and of Edinburgh Fund Managers PLC. He is a director of many other companies. He has an active interest in heritage and the arts and has held appointments with many other public, cultural and charitable bodies. He proposed the original concept and was a founding director of Scottish Financial Enterprise. He was knighted in June 1997.
SFT will aim to:
- Release up to £150 million each year for increased investment in infrastructure through greater partnership, improved preparation and handling of projects, and better value finance - including the NPD model
- Bring together the expertise to enable a Scotland-wide municipal bond to fund future infrastructure projects
- Provide opportunities for more effective investment in Scotland's vital public service infrastructure
- Learn the lessons from previous PFI contracts to reduce the cost of financing and deliver more effective investment planning, procurement and delivery
In May, the Scottish Government published 'Taking forward the Scottish Futures Trust', which presented the strategic business case supporting the creation of SFT. It explained how SFT would support the effective planning, funding and delivery of public sector infrastructure investment across Scotland, providing a better deal for taxpayers as a result.
The SFT company Memorandum of Association can be obtained from Communications.