First Minister welcomes 600 new jobs for Glasgow

10 Jul 2007

First Minister Alex Salmond today welcomed Morgan Stanley's decision to create up to 600 new jobs in Glasgow, saying that it demonstrated the growing potential of the Scottish economy.

The 600 new jobs are in addition to the 770 staff the company already employs in the city.

An RSA grant of £6 million will support the company's plans to grow its Finance, Operations and Technology support functions already based in Glasgow.

The First Minister said:

"Morgan Stanley's commitment and investment in Glasgow demonstrates exactly what the Scottish economy can achieve.

"It shows that Scotland has a highly skilled workforce and that we are capable of attracting investment from multinational companies across the world.

"Morgan Stanley's decision is excellent news not just for Glasgow, but for the Scottish economy as a whole.

"My focus is on creating a business environment which gives Scotland a clear competitive edge.  We are determined to move Scotland into the fast lane of economic growth and announcements such as today's show what can be achieved. These jobs not only represent the success of the existing Morgan Stanley workforce but show that high quality employment based on a skilled and motivated workforce is the way forward for Scotland. This is an important day for financial services in Scotland."

The new jobs are a result of Morgan Stanley expanding its Institutional Securities and Global Wealth Management (GWM) support services in Glasgow. Among the new high quality positions on offer are those for managers and analysts in the areas of finance, operations and IT.

Commenting on the announcement, David Nicol, Chief Administrative Officer of Morgan Stanley in Europe, said:

"Glasgow is one of the leading financial centres in the UK, with an impressive pool of talent and a dynamic economy.  We are delighted to be announcing another significant expansion of our presence there, further underlining our strong commitment to Scotland."

Martin Togneri, Chief Executive of Scottish Development International, said:

"This is a great success in what has been another remarkable year for Glasgow's International Financial Services District and the financial services industry in Scotland as a whole.

"Scotland's profile in world financial markets is growing rapidly and Morgan Stanley's decision, fully supported by its US parent, to expand its existing operations in Glasgow is testament to the calibre of employees to be found here and further enhances Scotland's reputation in the IT sector."

 

NOTES TO NEWS EDITORS

1.  Morgan Stanley has invested in Scotland since 1999 and employs over 750 staff in Glasgow to support its sales and trading divisions and its Global Wealth Management business.

2.  Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services.  The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 32 countries.  For further information about Morgan Stanley, please visit www.morganstanley.com.

3.  Regional Selective Assistance (RSA) is the main national scheme of financial assistance to industry.  It provides discretionary grants for investment projects that will create or safeguard jobs in Assisted Areas - areas designated for regional aid under European Community law.  The scheme is administered by the Innovation and Investment Grants (IIG) unit of the Scottish Executive.

4.  Payments of RSA are made in instalments, typically over several years, provided that job and project expenditure targets are met.

The amount quoted represents the maximum grant potentially payable if the project is satisfactorily completed, and not the amount actually paid to date.  All job numbers are based on firms' forecast figures at the time a grant is offered, and are subject to change depending on future economic conditions and other factors affecting the business concerned.

www.scotland.gov.uk

5.  Scottish Development International works to attract inward investment and knowledge to Scotland in order to help the economy grow. SDI also works to help Scottish companies do more business overseas and to promote Scotland as a good place to live, work and do business. It is jointly operated by the Scottish Executive and Scottish Enterprise. Its work is guided by the global connections theme of the Scottish Executive's Smart Successful Scotland strategy for economic development in Scotland.

www.scottishdevelopmentinternational.com

 

Contact:

Alison Gilfillan, Scottish Executive
Tel: 0131 244 5193.com
www.scotland.gov.uk

Hugh Fraser, Morgan Stanley
Tel:  020 7425-3923
Mobile: 07970 690 034
Email: Hugh.Fraser@morganstanley.com

  • International Financial Services District