Alliance Trust became the latest Scottish financial services firm to enter the independence fray yesterday, prompting more political crossfire.
The Dundee firm’s annual results were completely overshadowed by its statement it was setting up new companies in England in order to ensure “operational flexibility”.
Better Together campaigners quickly jumped on concerns raised by Alliance chief executive Katherine Garrett-Cox, saying they highlighted another major Scottish company preparing to relocate in the event of a Yes vote.
But the SNP said Mrs Garret-Cox’s comments only underlined the need for a currency union post-independence.
Alliance, one of the largest generalist investment trusts listed on the London Stock Exchange, announced a 16.1% jump in net asset value (NAV) per share – a key performance benchmark – in 2013, to 516.5p. It reported a NAV total return of 18.4%, total shareholder return of 22.7%, and a 12.5% jump in the full year dividend to 10.83p, but it was the independence comments that drew attention.
Mrs Garret-Cox said: “Regardless of the (referendum) outcome it is critical that we are able to provide continuity of service and protection for their investments and savings. We have started to establish additional companies registered in England, to provide operational flexibility and complement our existing business in Scotland.”
“We cannot afford to stand still as change, be it regulatory, political or business-related, is a critical part of the world in which we operate.”
Lloyds Banking Group, Barclays, Standard Life, RBS, Macfarlane Group, Breedon Aggregates and Aggreko have all recently listed independence in risk management sections of their annual reports.
Better Together said: “What these companies employing thousands of people have in common is they view walking away from the UK as a huge risk.”
But other high-profile business figures have voiced support for independence, including Willie Walsh, the boss of British Airways’ parent, who said last month that a Yes vote in September could be a “positive development”.