Glasgow’s International Financial Services District (IFSD) has attracted 15,500 jobs over the past ten years. The jobs figure is one of a number of key statistics published in an economic study, commissioned by Scottish Enterprise, to coincide with the District’s tenth anniversary.
On the list of companies creating jobs in the IFSD over the past ten years are some of the biggest names in global finance including Morgan Stanley, JP Morgan, Barclays Wealth, BNP Paribas, HSBC, esure and Aon.
The new study, undertaken by EKOS, also confirmed that, over ten years, since the IFSD’s launch in 2001, 2.75 million sq ft of new or significantly upgraded Grade A office space has been created in the IFSD, along with 1,600 hotel rooms, 700 residential apartments and 100,000 sq ft of retail and leisure floorspace.
Glasgow's IFSD has been driven by a strong partnership between the public and private sectors, generating over one billion pounds investment in the District since its launch. The public sector partners, led by Scottish Enterprise and Glasgow City Council, have forged strong links and co-ordinated effectively with property developers and investors, technology providers, the education and training sectors and financial companies, to deliver a purpose built centre of excellence.
Although the study identified 3,900 jobs lost in the District, this was more than made up for by new jobs moving in.
The current net new jobs figure of 15,500 compares favourably with the 15,150 net new jobs recorded in a previous 2008 study, confirming that the IFSD has held its own during the period of the credit crunch.
Speaking at a networking event to mark the tenth anniversary of the IFSD, Stuart Vann, esure’s chief operating officer, confirmed esure would recruit 150 people in Glasgow over the next two years, including roles to support its recent new venture, esure Broker. He said, “Glasgow is resilient, it is superbly resourced, it has the right infrastructure, the right people and quite simply, the right attitude for business.”
The IFSD’s success was underlined recently by the latest Global Financial Centres Index, which covers financial centres around the world. Glasgow moved 13 places up the global ranking from 46th to 33rd place and it entered the top ten in Europe for the first time, ahead of competitor cities such as Amsterdam, Oslo, Vienna, Brussels, Madrid and Milan.
Councillor Gordon Matheson, Leader, Glasgow City Council, said, “Few would have predicted back in 2001, when the IFSD was launched, that the city would make the top ten of European financial centres. It demonstrates clearly what can be achieved in this city when a vision is supported by passion, commitment, partners working together, unified in a common aim, sharing a single minded strategy for growth.”
Jill Farrell, Financial Services and West Director, Scottish Enterprise, said, “Scottish Enterprise and Glasgow City Council are ambitious for the future of the Glasgow and Scottish economies. The experience of IFSD and other projects is evidence that we have the partnerships, expertise and courage to deliver on that ambition.”
The IFSD partners offer a wide range of practical assistance, including support on telecoms, property, aftercare support and training and recruitment. As an assisted area, Glasgow benefits from a range of further support measures under Regional Selective Assistance, the Government grant scheme to encourage investment and job creation.