Wealth managers pull cash from Scotland as 'yes' concerns grow

Wealth managers are moving client assets out of Scotland as concerns over the result of the 18 September referendum grow, according to reports.

With the vote on Scottish independence now widely viewed as too close to call amid a surge in support for the ‘Yes’ campaign, there are signs clients are becoming more concerned. In some cases, these concerns have extended to wealth managers themselves: Multrees Investor Services, which manages bank accounts for the industry, told the FT it has moved hundreds of millions of pounds south of the border at wealth managers’ behest. “They have all been taking action. If our clients are doing it then other financial services companies are doing it as well,” Multrees chief executive Chris Fi...