Smith & Williamson to almost triple staff

 

© The Herald Originally published: 18/9/2008

by Mark Smith

Smith & Williamson Investment Management, the Glasgow-based fund management house, yesterday announced plans that will see its staff numbers almost triple by the beginning of next week.

The group said that increase in headcount - apparently bucking the trend amid the global economic slowdown and credit crunch - has also prompted a move to larger premises in the city's financial district, as its number rise to 90, compared with 35 at the beginning of last month.

The new office is also being expanded to include part of the firm's financial settlement operations team, which provides support across the entire fund management house, which is involved in investment management, financial advisory and accounting with more than 1500 staff.

The firm now has more than £8bn funds under management and clients include pension funds, charities and trusts as well as private individuals. It also provides private banking and cash management services.

Smith & Williamson was founded in Glasgow in 1881 and, after a period of absence, returned to its roots by opening an office in its home city in 2005.

Stephen Quaile, an investment management director in Smith & Williamson's Glasgow office, said: "This is a great news story for Glasgow.

"The success of Smith & Williamson's return to Glasgow three years ago and the positive feedback we get from clients has given us the confidence to increase our presence here.

"We are delighted to be making this move and are optimistic about further expansion, despite the challenging economic environment."