InvestmentsMay 8 2013

Cardiff claims title as financial services hub

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In the latest 22-page promotional document by the government’s department for economy, science and transport, the government claims that the Cardiff enterprize zone for financial and professional services, in addition to surrounding towns and cities across southeast Wales, provides “an excellent near-shoring solution, which supports international businesses wishing to operate more cost-effectively”.

Financial services firms already established in the region include Brewin Dolphin, which employs Welsh-speaking fund managers, in addition to Legal & General, Zurich, Lloyds Banking Group and ING Direct.

Local financial advisory firms such as Kymin have also expanded their services in the city, creating memoranda of understanding with university business schools to help bring more graduates into financial advice as a career.

It cites in excess of 61,000 people who work in financial services, with a further 74,000 who work in the professional services sector as a reason for it being a front runner for financial services business.

According to the document, more than 25,000 financial and professional services students are studying across Wales, which means “there is a constant supply of high-quality graduates available to companies”.

Adviser view

Gweirydd ap Gwyndaf, director of Cardiff-based Macsen Financial Planning, said: “We work in a tight-knit advisory community with the ability to advise clients in both Welsh and English.

“Financial services is definitely one of the target sectors for the Welsh government in terms of developing the economy but, from my experience, the efforts of the Welsh government are aimed at the larger financial institutions rather than the IFA firms.”