By Gokhan Kurtaran
LONDON
Anxious investors have started withdrawing from Scotland as uncertainty over next week’s independence vote mounts, senior financiers have said.
Investors began worrying after a poll at the weekend showed the majority of Scots in favor of leaving the United Kingdom.
“In our business, anytime there is political or economic uncertainty anywhere - whether it be the eurozone crisis, the Cyprus banking crisis, etc - we hear concerns from our clients and react to them,” Chris Fisher,chief executive at Multrees Investor Services, said.
Others in the financial sector said uncertainty over a change in regulatory bodies overseeing finance companies was the main concern.
“Since the start of 2014 we have seen a marked increase in enquiries from clients wishing to clarify the potential consequences of Scottish independence on the location and currency denomination of the cash and stock we hold for them,” Alex Montgomery, chief executive at Turcan Connell Asset Management, said.
The Royal Bank of Scotland announced on Thursday that it would move to London if Scotland says Yes to independence on Thursday next week.
“RBS believes that it would be necessary to re-domicile the bank’s holding company and its primary rated operating entity to England,” the bank said in a statement.
According to figures from the London-based Investment Management Association, Scottish finance companies control funds worth $907 billion. It is estimated that there are more than 500 hundred portfolio management firms in Scotland.
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