Alliance Trust airs concerns over Scottish independence

Following Standard Life’s similar announcement last month, the Dundee-based investment firm’s managing director Patrick Mill said that Alliance Trust had undertaken the move “in order to provide operational flexibility and to complement our existing business in Scotland”.

He added that this would “give all customers, regardless of their location, full confidence that we will be able to provide continuity of service and protection for their investments and savings”.

Carl Melvin, director of Renfrewshire-based Affluent Financial Planning, said: “I think it’s an entirely reasonable move by Alliance Trust Savings. There isn’t a lot of time left before the referendum, and we still don’t know what currency we’ll have, or what credit rating Scotland will have.”

Article continues after advert

The announcement came as Alliance Trust posted its first full-year profit in eight years.

The company also recorded a 33 per cent increase in assets under administration, taking the figure for 2013 to £5.4bn.