IMA: Scottish groups running 11% of fund industry assets

The Investment Management Association has highlighted the scale of any regulatory changes that may be necessary if Scotland votes for independence, after revealing 11% of total fund industry AUM is now run by Scottish-based groups.

In its annual asset management survey, it said assets from the fund industry managed in Scotland now stand at £560bn, worth just over a tenth of the total AUM. The news comes as the vote on Scottish independence remains finally balanced, with the latest polls indicating pro-independence party may win out. It is unclear what, if any, changes will be needed if the "yes" vote wins, but many fund groups have been working on contingency plans to relocate certain parts of their businesses if needs be. Elsewhere, the IMA reiterated the move to auto-enrolment will be a source of major fee ...