JANUARY TO MARCH 2014

ALSO INSIDE ISSUE 47 » NATIONAL PERFORMANCE CENTRE FOR SPORT » FILMING IN EDINBURGH » INTERVIEW WITH SIR TIM O’SHEA, UNIVERSITY OF EDINBURGH » HOMECOMING 2014

£500 BILLION OF FUNDS UNDER MANAGEMENT IN EDINBURGH

MANAGING THE WORLD’S MONEY

IN THIS ISSUE

“THE NATIONAL PERFORMANCE CENTRE FOR SPORT WILL BE THE JEWEL IN THE CROWN FOR SCOTTISH SPORT AND HELP TURN DREAMS INTO REALITY.”

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04 SNAPSHOTS Toasting the latest developments in the city’s business life, from a celebration of whisky to Fairtrade nuts

07 NEW ARRIVALS Positive results – Dialog Semiconductor opens a new test facility

08 10 QUESTIONS FOR… Professor Sir Tim O’Shea, Principal, the University of Edinburgh

10 (cover story) MANAGING THE WORLD’S MONEY More than £500 billion is managed in Edinburgh

14 ROUND TABLE What makes Edinburgh such a strong location in the global industry of fund management?

16 MAKING IT HAPPEN Edinburgh stars on the silver screen

17 ADDED EXTRAS 2014 is the Year of Homecoming Scotland

18 THE STATISTICS The latest key indicators for the Edinburgh economy

For a free quarterly subscription to Invest Edinburgh, or to obtain additional copies, please contact editor@investedinburgh.com

Invest Edinburgh is created in a partnership between Marketing Edinburgh Ltd and the City of Edinburgh Council. It is published by Resolve Creative, Suite 104, 47 Timber Bush, Edinburgh EH6 6QHt. +44(0)131 555 7585 w. resolve-creative.co.uk

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THE FIRST WORD

Hello and welcome to the latest issue of Invest Edinburgh. 2013 was truly a standout year for Edinburgh. Major

triumphs included the announcement of new direct flights to destinations such as Chicago, Istanbul, Toronto and Qatar; record ticket sales at the Edinburgh Festival Fringe; the highly anticipated launch of the Atria office development; and the excellent progress on key infrastructure projects across the city, including our soon-to-be launched tram line. I’m confident that Edinburgh can maintain this momentum and make 2014 just as successful.

This issue’s Capital Focus looks at the National Performance Centre for Sport, construction of which is set to begin later this year. The Centre will provide world-class training facilities for Scotland’s top sportspeople, supporting football, rugby and a number of other sports.

This issue’s One to Watch is Freeworld Trading, a global commodities trader that has grown to become the world’s leading Brazil nuts dealer. Dialog Semiconductor’s new test facility is featured in New Arrivals, while Made in Edinburgh looks at the innovative miiCard digital identity verification service.

Ranked one of the world’s top 20 universities, the University of Edinburgh combines research and teaching excellence with entrepreneurial expertise, creating more spinout companies than any other UK university. Principal Professor Sir Timothy O’Shea discusses recent successes and future goals in 10 Questions.

Our cover feature looks at Edinburgh’s fund management community, which invests more than £500 billion of assets for clients around the world. The high-calibre fund managers with operations in Edinburgh – ranging from multinationals like BlackRock to home-grown success stories such as Baillie Gifford – make the city a global hub for fund management.

Following on from the success of films shot in Edinburgh, such as Sunshine on Leith and The Railway Man, we look at film productions in Edinburgh in Making it Happen, while Added Extras explores the exciting plans for the Year of Homecoming Scotland.

Finally, in this issue we highlight a mixed-use development opportunity on King’s Stables Road, one of the 12 key development sites in central Edinburgh. We’ll be showcasing many more prime investment opportunities like this at the MIPIM real estate fair in Cannes, France this March.

Thank you for reading,

COUNCILLOR FRANK ROSS,Convenor of the Economy Committee The City of Edinburgh Councileditor@investedinburgh.com

To find out more about how we can help you, please contact the Investor Support team at invest@edinburgh-inspiringcapital.com or on +44 (0)131 529 6600.

© Reiach & Hall Architects

© Reiach & Hall Architects

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In September 2013, the Scottish Government announced that Edinburgh had been selected as the home for the new National Performance Centre for Sport (NPCS). Construction is scheduled to begin at Heriot-Watt University’s parkland campus on the outskirts of Edinburgh this summer, with the NPCS beginning operation in 2016. The £30 million multi-sport facility will help Scotland’s athletes excel at an elite level, providing world-class training, coaching and sports medicine.

The assets of the NPCS will include two full-sized football pitches (an indoor 3G pitch and an outdoor grass pitch, each with seating for up to 500 spectators), six other outdoor football pitches, two goalkeeper training areas, two rugby pitches and a nine-court sports hall. Athletes will also be able to access a 100-station gym, strength and conditioning facilities and a hydrotherapy pool. In addition, the NPCS will house the offices of a number of national sporting governing bodies, including the Scottish Football Association.

Reiach & Hall Architects has sought a design that will impact positively on athletes’ preparation for major events. One of the most striking features of the facility is its curved roof, inspired by the trajectory of a goal scored by Brazil’s Roberto Carlos

during the 1997 Tournoi de France, lauded as one of the greatest in football history.

“The National Performance Centre for Sport will be the jewel in the crown for Scottish sport and help turn dreams into reality,” said Nicola Sturgeon MSP, Deputy First Minister of Scotland. “It will be the best place for our elite athletes to mentally and physically prepare to compete on the world stage, helping more Scots win, more often.”

The NPCS will work closely with Heriot-Watt University, which already provides sports science programmes to clients

such as Heart of Midlothian Football Club. The University’s sophisticated sport and exercise science research facilities include strength testing systems, equipment for simulating the effects of training at altitude and a BASES-accredited exercise physiology laboratory.

“Heriot-Watt University and the capital will provide an excellent home to the next generation of top athletes and those involved in helping them achieve their aims,” said Councillor Richard Lewis, the City of Edinburgh Council’s Sport Convener. “Local sport groups will also be able to take advantage of this world-class facility on their doorstep.”

The parkland setting of the NPCS will allow for future expansion of the facility, with land earmarked for additional indoor and outdoor pitches. There is also interest in developing a hotel on the site.

Edinburgh’s bid to host the NPCS enjoyed the backing of sporting luminaries including Olympians Sir Chris Hoy and Sir Steve Redgrave, rugby union player Gavin Hastings, footballer Michael Stewart and Paralympian Baroness Grey-Thompson, along with thousands of residents.

www.goedinburgh2016.com

The £30 million facility will provide world-class training

facilities for Scotland’s elite sportsmen and women.

NATIONAL PERFORMANCE CENTRE FOR SPORT

<CAPITALFOCUS

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WHY ARE THEY WORTH WATCHING?Freeworld Trading is one of the UK’s fastest growing international traders, ranking 26th in the Sunday Times International Track 200 after its exports leapt from £5.5 million in 2010 to £23.3 million in 2012. Headquartered in Edinburgh, the company has well-established worldwide trading relationships, with purchases and sales throughout Europe, the Americas, China and New Zealand.

WHAT DO THEY DO?Freeworld Trading is a commodity dealer specialising in foodstuffs and ingredients. Working on behalf of retailers and food manufacturers, the company sources, stores, ships and delivers commodities from around the world such as nuts, grains, dried fruits and seeds.

The company follows a rigorous ethical trading policy – it is the UK’s largest stockist of organic and Fairtrade products – and promotes sustainable agriculture in the communities it works with. Freeworld Trading is also the world’s largest trader of Brazil Nuts, a trade which provides a sustainable future for the rainforest (as Brazil Nuts can only grow wild in the Amazonian rainforest, the trade provides a good reason to avoid deforestation).

1 TO WATCH FREEWORLDTRADING

Two new medical research facilities at the Edinburgh BioQuarter are helping scientists develop innovative treatments for patients.

The recently opened Anne Rowling Regenerative Neurology Clinic, at the University of Edinburgh, brings together patient clinics and research laboratories, helping researchers to understand and treat neurological disorders such as multiple sclerosis, motor neurone disease,

Parkinson’s disease and dementia. The purpose-built Clinic was funded by an endowment from bestselling author J.K. Rowling in memory of her late mother (for whom the Clinic is named).

“The Anne Rowling Clinic will pioneer discovery science and innovative clinical research through strong partnerships with the NHS, academia and industry around the world,” said Clinic Co-Director Professor Siddharthan Chandran.

RESEARCH BOOST FOR BIOQUARTER

Edinburgh will be exhibiting its investment portfolio at MIPIM, one of the world’s largest property fairs, in Cannes, France from 11 to 14 March.

The Edinburgh team will be located on the Scottish Cities Alliance stand (07.20 and 09.20, level one) in the Palais des Festivals. Delegates are invited to visit the stand to find out more about major investment opportunities in Scotland’s capital, including prime mixed-use developments at Haymarket, Fountainbridge, King’s Stables Road and the Cowgate.

“We are very much looking forward to exhibiting at MIPIM, continuing our dialogue with international investors

and promoting the city’s investment opportunities to the global market,” said Elaine Ballantyne, head of Investor Support at the City of Edinburgh Council.

Edinburgh and the Scottish Cities Alliance will be hosting a number of on-stand events, including thematic presentations, networking sessions and a complimentary cocktail tasting. Visitors to the stand will also have the opportunity to enter a prize draw to win a luxury trip to Scotland.

> Find out more:

www.edinburgh-inspiringcapital.com/mipim

EDINBURGH AT MIPIM 2014

The Anne Rowling Regenerative Neurology Clinic.

SCOTCH – a new signature whisky bar in Rocco Forte Hotels’ Balmoral – offers a selection of more than 400 whiskies from Scotland’s five whisky regions (Islay, Campbeltown, Lowland, the Highlands and Speyside) in a variety of blends, malts and vintages dating back to 1940.

SCOTCH’s collection is overseen by specially trained Whisky Ambassadors who can offer visitors advice on selecting a dram. The Whisky Ambassadors wear contemporary highland attire in a bespoke design by local kiltmaker Kinloch Anderson, holder of a Royal Warrant of Appointment to supply tartan and plaid for Her Majesty the Queen.

Whisky enthusiasts can ‘open up’ their whisky with a selection of Uisge Source waters or complement their palate with carefully-selected bar snacks such as dark Swiss chocolate and wild boar salami.

“As Edinburgh’s landmark hotel, we are keen to showcase one of Scotland’s greatest exports: whisky,” said Franck Arnold, General Manager at The Balmoral. “Our young, passionate Whisky Ambassadors are looking forward to serving the finest of drams to the local community and guests alike.”

> Find out more:

www.thebalmoralhotel.com/dining/scotch

SLÁINTE!

DRYDEN AQUA HAS OPENED A £5 MILLION GLASS PROCESSING PLANT TO THE SOUTHEAST OF EDINBURGH THAT WILL MANUFACTURE WATER FILTRATION SYSTEMS USING RECYCLED BOTTLES.

New direct flights to Philadelphia (with US Airways) and to Doha (with Qatar Airways) will be launched from Edinburgh Airport in May 2014.

Three Edinburgh-based companies have featured in the Deloitte UK Technology Fast 50, a ranking of the UK’s fastest growing technology companies: accounting software supplier FreeAgent, travel search engine operator Skyscanner and compostable catering products manufacturer VegWare.

British Land has begun a £24 million expansion of the Fort Kinnaird retail and leisure park, including seven new restaurants and a multiplex cinema.

Edinburgh has been voted the UK’s top city for job opportunities for 18 to 30 year olds, in a survey commissioned by insurer Legal & General. Edinburgh was also named the UK’s best city for culture and entertainment.

Peter Higgs, Emeritus Professor of Theoretical Physics at the University of Edinburgh, has been awarded a Nobel Prize in Physics for his discovery of the eponymous “Higgs boson”. An £11 million Higgs Centre for Innovation, focusing on astronomy and “big data”, is to open in Edinburgh in 2016.

An art deco former cinema on Edinburgh’s Clerk Street has been reopened as The Instant Arena, a ‘Las Vegas-style’ entertainment venue featuring a cabaret lounge, champagne bar, media hall and 600-seat auditorium.

Heriot-Watt University and the British Geological Survey are to jointly create a new £17 million earth and marine science research centre in Edinburgh.

Edinburgh-based educational videogame developer Tigerface Games has announced plans to develop three new games after FindMe, its free tablet app designed to help autistic children improve their social skills, was downloaded over 85,000 times.

Meanwhile, a planned new laboratory will help stem cell researchers develop therapies for patients suffering from degenerative diseases. The Centre for the Computational and Chemical Biology of the Niche will be housed in an extension of the Scottish Centre for Regenerative Medicine, the BioQuarter’s purpose-built stem cell research facility.

“This new facility will help us to define better how the stem cells in tissues regenerate damaged organs and therefore develop new methods to improve this process,” explained project leader Professor Stuart Forbes.

The Edinburgh BioQuarter brings together the 900-bed Royal Infirmary of Edinburgh, the University of Edinburgh medical school, specialist national biomedical research facilities and commercial laboratories on a single campus, representing a critical mass of more than 1,000 researchers. The 600-bed Royal Hospital for Sick Children and the Brain and Body Institute will relocate to the BioQuarter from 2016.

> Find out more: www.bioquarter.com

WHERE HAVE THEY COME FROM?Founded by Dr Sanjoy Das in 1991, Freeworld Trading has grown to become one of the world’s largest dried fruit and nut traders. The company now employs 19 people, with turnover of more than £70 million in 2012.

WHY ARE THEY IN EDINBURGH?“In my view, there is no place with a better quality of life in Europe,” explains Dr Das. “All our recruitment is from the local universities. Our primary asset is our people and excellent people will always gravitate to excellent cities to build their future. In Edinburgh, I am minutes away from the some of the most beautiful countryside in the world and it is a fantastic place to bring up your children. Though this business could be run from anywhere in the world, I would not be anywhere else.”

> Find out more: www.freeworld-trading.co.ukwww.brazilnutscansavetheworld.com

<SNAPSHOTS

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Birch House.

NEWARRIVALS

WHO IS ON THE MOVE?Dialog Semiconductor, a leading designer of integrated circuits for use in mobile devices, telecommunications and automobiles, has opened a new test facility in Edinburgh. The Baden-Württemberg, Germany-based firm has taken out a 10 year lease on a 104m2 suite at Cosmopolitan Investments’ Birch House development on the western outskirts of Edinburgh.

WHY THE MOVE?The facility will carry out performance testing on newly-developed integrated circuits, working closely with Dialog Semiconductor’s existing design centre in Edinburgh to develop audio and power management components for handheld devices. The firm’s choice of Birch House was influenced by the development’s close proximity to Edinburgh’s new tram line.

WHY IS THIS IMPORTANT FOR EDINBURGH? The investment reinforces Edinburgh’s status as a global centre for the design of electronic components, adding to a cluster that already includes firms such as STMicroelectronics, Xilinx, Analog Devices and Wolfson Microelectronics. The lease also highlights growing interest in the competitively priced grade A office space available in West Edinburgh.

> Find out more: www.dialog-semiconductor.com www.cosmopolitaninvestments.co.uk

DIALOG SEMICONDUCTOR

MADE in EDINBURGH

Proving you are who you say you are online is a time consuming business. For ordinary web users, there’s the frustration of having to input the same information, time after time. For companies which trade online, it is a vital process, but one that ties up resources, deters many potential customers and is ultimately still vulnerable to fraud and identity theft. The answer? miiCard, an ‘identity as a service’ solution which operates like an online passport.

“We use a patented process that takes the trust and traceability in your online financial accounts to establish your identity to the highest standard, entirely online. It’s quick, it’s simple to use and it’s secure,” explains James Varga, co-founder

and Chief Executive. “When suppliers or service providers see the ‘Verified by miiCard check mark’, they can be sure they are dealing with a real person with an up-to-date online identity.”

The ability to easily verify the identity of online customers and contacts is attracting widespread interest. The company is in a very exciting space, with potential applications in financial services, recruitment, dating and social networking; and interest from gaming, healthcare and e-commerce sectors.

“We are currently focused on 10 countries, but our biggest growth is coming through the UK and USA,” says James.

Recent figures show 53% of online fraud is identity related: an expensive challenge for any online business.

One recent adopter of miiCard that has seen a rapid return on its investment is btcQuick, a vender of the digital currency Bitcoins. In its first 30 days as a customer of miiCard, the company dramatically improved customer sign-up, met all required compliance thresholds, and completely eliminated identity fraud.

“Our promise to our members is never to sell their data or make money from advertising to them,” emphasises James. “miiCard creates trust online, so that our commercial customers can drive faster adoption and increased conversions profitably and our members can enjoy convenience, ease and security online.”

> Find out more: www.miicard.com

With five Michelin Stars and numerous celebrated chefs, Edinburgh offers a rich selection of high quality places to eat and drink. Reflecting this, a number of Edinburgh’s bars and restaurants have recently received national recognition.

Two of Edinburgh’s most popular restaurants have been recognised by The Times. Adding to a host of existing awards, Edinburgh institution The Witchery by the Castle was named Britain’s most romantic restaurant, with The Times exhorting the “gothic splendour” of its armorial ceiling and oak panelled walls. The restaurant, located in a historic close off the Royal Mile, also won the AA Wine Award of the Year for its expertly selected wine list. Meanwhile, the Michelin Starred eatery 21212 on Royal Terrace was ranked the UK’s best restaurant with rooms.

The luxurious Queen Street cocktail bar Bramble has been named the world’s 32nd best drinking establishment by Drinks International, which received nominations from a panel of over 200 drinks industry

experts. Also triumphing was wine and cocktail bar The Bon Vivant on Thistle Street, which won Bar of the Year in Food and Travel Magazine’s Reader Awards.

Kyloe Restaurant & Grill on Rutland Street has won the title of Best British Roast Dinner in a competition staged by British Roast Dinner Week. The steakhouse’s ‘Great Sunday Meat Up’ triumphed over nearly 200 other restaurants

RESTAURANTS’ APPETITE TO SUCCEED

The BREEAM assessments for Edinburgh’s landmark Atria office development have been completed, with both buildings achieving an ‘Excellent’ rating.

Atria’s green sedum roofs, low E glass glazing, energy efficient lifts, electric car charging spaces and abundance of cycle spaces have helped secure tenants such as PWC, Brewin Dolphin and the UK Green Investment Bank.

“Sustainability was a key driver for the project design and implementation right from the start,” said letting agent Hugh Rutherford of Montagu Evans. “We are confident that the highly efficient floorplates and the exceptionally sustainable elements in both buildings will result in financial savings for occupiers.”

Space remains for let in both Atria One and Two, and is being marketed by joint agents Jones Lang LaSalle and Montagu Evans.

> Find out more: www.atria-edinburgh.co.uk

eatscotland.visitscotland.com

THE AMERICAN IT AND BUSINESS SERVICES PROVIDER STRATEGIC STAFFING SOLUTIONS HAS OPENED AN OFFICE IN ST ANDREW SQUARE TO SUPPORT ITS CUSTOMERS IN EUROPE.

ATRIA RATED CARBON FRIENDLY

MIICARD MAKES IDENTITY TRUSTWORTHY

in a mystery diner contest. Finally, Ondine on George IV Bridge has been voted AA Scottish Restaurant of the Year at the British Hospitality Awards for its signature “top notch” seafood and shellfish.

The Witchery by the Castle.

<SNAPSHOTS

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IE> Early in your career you worked as a researcher in the University’s Bionics Research Lab. What are the main changes you have seen since then?TO> The University is much bigger now; more international and more prominent globally. In the 1970s you would have mentioned Edinburgh in the same breath as many other big UK civic universities. Now, Edinburgh sits alongside Oxford, Cambridge, Imperial College London and UCL.

In the city itself, the big change is cultural. The city today is so vibrant, in such a visible way. That’s a fabulous thing.

IE> The University has strengths in disciplines such as informatics, medicine, energy and chemistry. Are there any emerging fields you’re keen to enhance?TO> There is particular strength in energy, zoonotic diseases and non-communicable diseases, such as cancer. Other areas build on these strengths, including healthy ageing, where Professor Ian Deary’s research on cognitive ageing illustrates a tendency

Professor Sir Tim O’Shea Principal, the University of Edinburgh

at Edinburgh for cross-disciplinary and inter disciplinary enterprises. This is also clear in our work on genomics.

In 2012/13, the University secured more than £300 million of competitive research grants. Energy and sustainability, and areas such as regenerative medicine, have the greatest visibility, but most of our academics have an externally funded project.

The stem cell work, led initially by Professor Sir Ian Wilmut, now extends to a whole range of important areas, while high performance computing is another area in which we are dominant.

I am also proud of our innovation of MOOCs (massive open online courses), a field we lead outside the USA. We have 300,000 people in 204 countries

highly employable students. Skyscanner, like Amazon, is a good example of the employment opportunities the University helps to create. Both chose to locate here due to our outstanding IT graduates. Xilinx have relocated some facilities from northern California to Edinburgh, where they began in the 1970s.

In terms of life sciences, engineering and chemistry we work with large employers and SMEs to produce what they need. Both Santander and Lloyds support paid internships for our students.

The Business School has four strategic leadership chairs, that’s key, and we contribute to the Scottish Higher Education Employability Forum. Making the Most of Masters, a partnership between the universities of Edinburgh, Stirling and Aberdeen, which we coordinate, has just won a national award in recognition of its outstanding employer engagement, in the latest Times Higher Education Awards.

IE> There are three other universities in Edinburgh, along with Edinburgh College and Scotland’s Rural College. What relationship does the University have with these institutions?TO> There are many links. For example, with Heriot-Watt University we submit jointly to the UK research framework in mathematics and engineering. We’re very interested in food security, it’s one of the fundamental challenges on which our four Global Academies are focused, so the relationship with Scotland’s Rural College is key. Their teaching facilities are located on our King’s Buildings campus and their researchers are co-located with our animal bioscience/veterinary researchers at Easter Bush.

Edinburgh College of Art, which is part of the University, collaborates with Edinburgh Napier University to run the Scottish Screen Academy and there’s a complementary relationship with Queen Margaret University in parts of paramedicine, with their strength in areas like speech therapy and the training of nurses. IE> The University has major plans for King’s Buildings campus, including a new School of Geosciences and refurbishing the home of the School of Biological Sciences. There is also a planned redevelopment of McEwan Hall. What drives these investments?TO> We need to invest in our infrastructure continually.

Geosciences and biological sciences at Edinburgh both have world-wide

CHARITY LOTTERY OPERATOR PEOPLE’S POSTCODE LOTTERY, WHICH IS CREATING 50 NEW JOBS WITHIN ITS CUSTOMER EXPERIENCE TEAM, HAS ACQUIRED NEW OFFICES ON GEORGE STREET.

Professor Sir Timothy O’Shea, BSc (Sussex), PhD (Leeds), DUniv (Heriot-Watt), DUniv (Strathclyde), LL.D hc (McGill), D.hc (St. Petersburg HSS), FRSE was appointed Principal and Vice-Chancellor of the University of Edinburgh in October 2002. www.ed.ac.uk/schools-departments/principals-office/biography

reputations and we need to support them with the best resources and an attractive environment in which to study, teach and conduct research.

The McEwan Hall is an iconic building. We want to open up the Victorian undercroft to create something really attractive for conferences and events.

IE> The Financial Times found that the University accounted for one in six university spinouts in the UK since 2001. What drives this entrepreneurialism?TO> When newspapers like the FT and New York Times point to us, it is a matter of great pride. This is a core part of our strategy. Nigel Paul, our Director of Corporate Services, and Edinburgh Research and Innovation help students and staff to capture IP in various ways, particularly through start-up and spinout companies.

The University operate our own proof of concept and incubator schemes and we invest directly in some start-ups through our venture capital arm, Old College Capital, so staff and students know they can get the highest possible quality of support.

www.ed.ac.uk

participating in six courses, and will soon have many more. What is a fascinating and persistent theme among participants is their desire to visit Edinburgh.

IE> What makes the University so attractive to international students?TO> One important aspect is that we have attracted overseas students for more than 400 years. Back in 1786, the American Founding Father Thomas Jefferson told his future son-in-law that we were the best university in the world.

We partner with the best universities in countries such as Japan, South Korea and Mexico and students there who are looking to do their masters or a PhD think of us. Edinburgh appeals to them because we are a research-led teaching environment, in a physically and culturally attractive capital city. IE> What are your priorities for keeping the University world-leading? TO> It is the supply of talent that matters, and that makes me very optimistic. The key thing is to recruit highly talented staff and

students from around the world. More than a third of our students now come to study here from outside the UK.

Having a Nobel laureate in Peter Higgs says our work in fundamental sciences is among the best in the world. Some rankings weigh Nobel prizes highly, so we will go up in certain rankings.

IE> The University has recently announced new links with India, China and the Americas. What role do these international links play?TO> The overall strategy is to work very closely with a small number of top universities across the world and to work with them on research in global issues, to build the best research teams. Through sustained partnerships, we become a place of choice for postgraduate study and research funding.

Clearly China is important. We partner with Peking University, where we have two joint research centres, and have also opened our first office in Beijing. India is another key centre, and we’re working with support from the Indian Centre for Cultural Relations. We opened an office in Mumbai and work with the Bangalore Centre for Biological Sciences and other institutions. We’ve also opened an office in São Paulo to cultivate relationships in Brazil, Chile, Columbia and Mexico. Next year we’re opening an office in New York.

For each outward link, you’ll also find a manifestation in the University through our Area Study Institutes.

IE> The University recently began collaborating with the pharmaceutical company Eli Lilly on cancer research. What do agreements such as this signify?TO> We have extended a proven commercialisation model from informatics and applied this to medicine – and we see a lot of potential for collaborations. With funding from Scottish Enterprise, the Edinburgh BioQuarter has secured industrial research partnerships in medicine by an order of magnitude that we could not have expected otherwise. For example, the University is now one of only 10 research partners in the world to partner with GSK on medication for severe acute pancreatitis.

IE> What role do you see for the university in meeting the skills demanded by employers in Edinburgh?TO> In the recent QS survey, Edinburgh was ranked 14th in the world by international employers for producing

HAVING A NOBEL LAUREATE, IN PETER HIGGS, SAYS OUR WORK IN FUNDAMENTAL SCIENCES IS AMONG THE BEST IN THE WORLD.

The proposed £33 million redevelopment of McEwan Hall is part of a multi-million pound package of investments planned by the University of Edinburgh.

<10QUESTIONS

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MANAGING THE WORLD’S MONEYLike many entrepreneurs, 38 year-old Edinburgh solicitor

William Menzies found travel a catalyst for his ‘big idea’.

And a truly big idea it was. For William returned to Edinburgh,

inspired by the opportunities he’d seen in North America, and

founded the Scottish American Investment Company (SAINTS):

the worldwide industry of fund management was born.

The global headquarters of Standard Life in Edinburgh’s Exchange District. Standard Life Investments has operations in 11 countries, including the USA, Canada, France and Germany.

That was in 1873. Today, the global fund management industry manages some $118 trillion USD of assets worldwide.

Balancing keen business acumen with traditional Scots ‘canniness’, Edinburgh’s fund managers have established a reputation for quality and prudence. Together they now manage more than £500 billion in assets across global markets, making the city one of Europe’s largest financial centres.

The sector is highly diverse in Edinburgh, encompassing large, publicly-traded fund management companies, ‘big boutiques’ (the larger independents), and small-scale wealth managers. It is home to the headquarters of major players such as Artemis Fund Managers, Baillie Gifford, Kames Capital (previously AEGON Asset Management UK), Martin Currie and Standard Life Investments. Last November, the Edinburgh-based Scottish Widows Investment Partnership was taken

over by another Scottish-based fund manager, Aberdeen Asset Management, in a deal that created the biggest listed fund manager in Europe and the sixth largest globally, with total assets under management of around £336 billion. The majority of the enlarged firm’s assets will be managed in Edinburgh.

In the past decade, Aberdeen, Standard Life Investments and Baillie Gifford, three of Scotland’s biggest fund managers, have each grown funds under management rapidly. Including Aberdeen’s funds through SWIP, they now oversee £617 billion (around $1 trillion USD) of assets – almost three times the £211 billion they oversaw a decade ago.

In terms of its focus, the city’s asset management sector is also varied. A number specialise in managing funds on behalf of institutional clients, such as pension funds, investment trusts and charities, while others are focused on managing funds on behalf of individual clients. Fund managers oversee a full range of asset classes, including cash, equities, bonds, property and commodities, and are highly active in emerging markets,

with a particular focus on the Asia Pacific.Some of the world’s largest fund

managers have a presence in Edinburgh, including BlackRock, Cazenove Capital, Franklin Templeton Investments, First State Investments (part of the Commonwealth Bank of Australia), F&C Asset Management, and the fund management arms of BNY Mellon and BNP Paribas. The city also hosts specialist suppliers to the sector such as Financial Risk Mitigation, which provides critical background information analysis to asset managers, investors and corporate decision makers across Europe.

In addition to the firms catering to institutional investors, Edinburgh is home to a substantial community of boutique fund managers, private wealth managers and self-managed trusts. These include the Scottish Investment Trust (founded 1887), one of the world’s oldest and largest independent, self-managed investment trusts. The city’s affluent population has attracted the wealth management arms of UBS, Deutsche Bank and the Royal Bank of Canada.

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<FEATURE

Scotland has a long-held reputation for prudence. This reputation is reflected in Edinburgh’s expertise in the field of risk management. The city’s universities offer a range of specialist qualifications relating to financial risk, including postgraduate degrees in Banking and Risk and Quantitative Risk Management.

The Scottish Financial Risk Academy is the first academic-industry partnership in the UK to address quantitative financial risk management. Led by Professor Alexander McNeil, it has been established by Heriot-Watt University and the University of Edinburgh to enhance the quality and understanding of financial risk management across the financial sector and exploit the knowledge, skills and complementary expertise found in academia and in real industrial practice.

Slightly further afield, Glasgow’s Caledonian Business School in Glasgow, has been named a Chartered Institute for Securities & Investment (CISI) Centre of Excellence – the first such centre specialising in financial services operations and risk.

RISKY BUSINESS

www.sfe.org.ukwww.sio.org.uk

HOTEL CHOCOLAT IS OPENING A CONCESSION IN THE EDINBURGH BRANCH OF JOHN LEWIS THAT WILL SELL HANDMADE CHOCOLATES PREPARED USING CACAO BEANS FROM THE CARIBBEAN.

BIG DATA: BIG OPPORTUNITYThe birthplace of cheques, overdrafts and offset lending, Edinburgh’s reputation for financial innovation continues to thrive in the 21st century, as exemplified by the recently established research boutique Schulenburg Capital.

Tying together Edinburgh’s expertise in investing and informatics, Schulenburg Capital specialises in the application of academic research in the area of machine learning, to develop bespoke solutions for asset managers, brokers and private investors. The area of expertise resides in the development of automated trading systems that learn continually. Founded by Dr Sonia Schulenburg, it has parlayed her PhD thesis, Evolving Artificial Traders for Successful Market Trading, into one of Edinburgh’s most innovative fund managers.

Currently the team includes post-doctoral researchers – many, like Dr Schulenburg, alumni of the University of Edinburgh. “We bring together artificial intelligence and fund management, two key strengths in Edinburgh. We use adaptive techniques, so the systems do not have to follow a rule-based approach that is fixed through time; instead, our models have the ability to evolve the rules and adapt their trading behaviour accordingly, as market conditions change”.

“We develop bespoke investment solutions for private clients that match their individual risk and return preferences. The work involves the analysis of large quantities of financial data, devising the methodology and models constrained to the specified investment objectives, and ultimately, the implementation of the strategy”.

This process has been followed through with Level E Capital’s Maya Fund. “It employs a quantitative investment strategy that seeks to provide investors with diversified equity exposure and to deliver absolute returns through all market conditions,” adds Dr Schulenburg. The Maya Fund successfully completed a three year pilot in 2013 and opened to external capital last April. Currently a UCITS fund is being created to satisfy both the institutional and retail markets.

GLOBAL REACHBack in 1873, one of William Menzies’ partners in SAINTS was a merchant banker from Dundee, named Robert Fleming. He also proved extremely adept at risk-adjusted returns and his bank, Robert Fleming & Co, grew rapidly on the back of its investments in American railroads (it was ultimately acquired by Chase Manhattan Bank in 2000 for $7 billion USD).

The global reach of Edinburgh’s financial expertise today is having a similar revolutionary impact on financial markets. Dr Jim Roth is globally recognised as a pioneer of insurance and related financial services to emerging consumers. He is also a co-founder of Leapfrog, now one of the world’s largest impact investment funds.

With the explosion of mobile telephony, microfinance and retailing in emerging markets, three billion previously excluded people are now ‘on the grid’. Among the core services they are seeking out is low-premium insurance, designed to protect individuals and small businesses in developing countries from the financial effects of illness, death, property loss, weather or other risks.

Dr Roth leads Leapfrog’s European office and South Asia investments from Edinburgh. The firm invests in financial services businesses, mostly companies that provide insurance in Africa and Asia.

Also aiming to change the way the world manages its wealth is Edinburgh software house, FNZ. It specialises in simplifying and improving the way its customers connect their clients to their financial assets.

“FNZ’s core technology is both powerful and flexible,” explains David Kasmir, Chief HR Officer. “Our first UK client was Standard Life, so we opened an office in Edinburgh. The city has an excellent talent pool and offers a great quality of life. We now employ approximately 300 people here, spanning all functions, and we’ve just expanded our state-of-the-art facilities in the city.

“Our development team works with clients to create solutions that specifically match their requirements.”

CROSS INDUSTRY COLLABORATIONWith such strength, depth and innovation among both managers and support service providers, the industry has come together under the umbrella Scottish Investment Operations, to promote and develop skills and qualifications. “The city is internationally recognised as a financial services location,” says Alan Thornburrow, Chief Executive of SIO. “Our investment managers are backed by an equally strong supply chain. Scotland’s dynamic asset servicing sector has market-leading expertise in administering and overseeing the complexities of investing across multiple markets and products, ensuring we provide service excellence to our clients wherever they may be.”

Each of the ‘big four’ global custodians – BNY Mellon, JP Morgan, State Street and Citi – have offices in

Edinburgh, from which they service both local fund managers and clients around the world. Three of the offices

have been designated ‘centres of excellence’, reflecting their value to the firms. Other asset servicing firms with operations in Edinburgh include HSBC Securities Services and RBC Corporate Employee and Executive Services (part of the Royal Bank of Canada).

Investment is always about predicting future winners, and the sector’s continuing success is being proactively nurtured. Thirteen of the most pre-eminent investment management firms in the UK, including Edinburgh-based Standard Life Investments and Aberdeen Asset

Management, have joined together to form Investment 2020. Its aim is to

give opportunities for work experience in the sector to school leavers and those recently graduated from university, identifying future talent across all business functions in asset management.

The Edinburgh University Trading & Investment Club (EUTIC) is one of the University of Edinburgh’s largest student societies. EUTIC gives students hands-on experience of working in fund management, helping prepare them for a career in financial services. Members of EUTIC manage the UK’s largest student-run investment portfolio, worth over £28,000.

“There is real strength in numbers in Scotland,” adds Alan, “and an ability to service the world’s markets. All in all we have a compelling story to tell.”

It’s comforting to think that if William Menzies was to return from his travels today, Edinburgh would still be the place to launch a revolutionary idea in global finance.

“WE BRING TOGETHER ARTIFICIAL INTELLIGENCE AND FUND MANAGEMENT, TWO KEY STRENGTHS IN EDINBURGH.”

“FROM THE DEPTH OF EXPERTISE WITHIN THE INDUSTRY TO THE CLOSE TIES WE ENJOY WITH ACADEMIA AND FUTURE TALENT, SCOTLAND HAS AN ENVIABLE REPUTATION.”

Charlotte Square is home to many of Edinburgh’s boutique fund managers.

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www.investedinburgh.com | JANUARY TO MARCH 2014 | INVEST EDINBURGH 1312 INVEST EDINBURGH | JANUARY TO MARCH 2014 |

THE LLOYDS BANKING GROUP PLANS TO OPEN A FLAGSHIP BRANCH OF HALIFAX ON PRINCES STREET THIS SUMMER.

HOLLANDER, A US-BASED SUPPLIER OF SPECIALIST SOFTWARE FOR THE AUTOMOTIVE RECYCLING INDUSTRY, HAS LEASED AN OFFICE IN BIRCH HOUSE IN THE SUBURB OF SIGHTHILL.

Firms in Edinburgh manage more than £500 billion of assets for clients around the world.

We asked some leading figures from the financial community: what makes Edinburgh a

strong location in this global industry?

Owen Kelly, Scottish Financial EnterpriseEdinburgh has a long-established asset management community and its existence continues to

attract more highly skilled asset managers to the city. The work of asset managers is highly intellectual in nature and influences markets and economies around the world. This concentration of intellectual power in Edinburgh is very attractive to investors. The proximity and relationship with the City of London works in Edinburgh’s favour to produce an ideal location.

Alderman Fiona Woolf CBE, Lord Mayor of the City of LondonAs one of the largest financial centres in Europe, Edinburgh is home to

a cluster of financial and professional services providers that are a key part of the wider City offer. The city’s established track record – from banking to broking, investment management to insurance – is a major advantage that helps to attract top institutions and individuals. Combined with a long-held reputation for innovation and excellence, it is clear that Edinburgh has many advantages. Of course, Edinburgh

and London compete for some business but there are many more areas where we complement one another. I look forward to exploring opportunities for closer partnership when I visit the city in February, in my role as ambassador for the UK-based financial and professional services industry.

Nick Thomas, Partner, Baillie GiffordEdinburgh’s high quality of life and vibrant culture are key in attracting bright and ambitious graduates from

an increasingly diverse range of countries. The rich history of investment in Scotland is also important to us: several hundred miles distant from the markets in London, a tradition of thoughtful long-term investing has endured for over a hundred years.

Keith Skeoch, Chief Executive, Standard Life InvestmentsI moved to Edinburgh in 1999. Having relocated from London, I was soon

asking myself why I hadn’t made the move north years ago. There are two distinct but interlinked reasons for this, one professional and the other personal.

From a professional perspective we have access locally to the critical mass of professional expertise needed to help run a successful global asset management business. In addition to this we have been able to attract and recruit some of the best international intellect and bring it to Edinburgh.

From a personal perspective, Edinburgh is a good place to do business, because of the benefits offered by the city and its surrounding areas. This ranges from the availability of good housing, schools, colleges and universities; local transport; sports; recreational and cultural facilities, to ease of access to the countryside or coast, and less commuting time. That means more time for work and more time for the family.

A TRADITION OF THOUGHTFUL LONG- TERM INVESTING HAS ENDURED FOR OVER A HUNDRED YEARS

Martin Gilbert, Chief Executive, Aberdeen Asset ManagementHistory accounts for little in today’s competitive markets, but

nonetheless the pedigree and values around sound investment management remain an important characteristic of the

Scottish investment scene. Pension funds, institutions and investors around the world appreciate Scotland’s asset managers’ prudent approach to investing.

However, where a company locates its offices is not based on nostalgia but on the real benefits a city or town can offer. The quality of people who already work within financial services in Edinburgh means it is an obvious hunting ground for companies looking to build their businesses. It is also home to the service providers who asset managers require to support their activities.

As a city and surrounding area it can offer a good work/life balance. Also the high standards set by Scotland’s education system, particularly its universities, mean a wealth of enthusiastic and intelligent graduates enter the jobs market each year.

Finally, Edinburgh’s location in the world, between the other two major time zones – Americas and Asia – but away from the day-to-day market noise of London means it is well placed to be a home to leading financial institutions.

Ross Leckie, Partner, Artemis Fund ManagersFirstly, a tradition of prudence and trust: Edinburgh has played an important

part in global finance since the first investment trusts of the late 1800s.

Secondly, and increasingly, fund management can be marred by ‘noise’. Given the internet and easy access to information, being at something of a remove from the main centres of finance can help an investor’s sense of perspective.

Finally, quality of life: the weather aside, living is just easier in Edinburgh than it is in London or New York. That, we hope, contributes to healthier, calmer fund managers who have more of the time they need to reflect and think. Because in the end, good fund management is all about judgement.

Stephen Jones, Chief Investment Officer, Kames CapitalEdinburgh is the second major financial hub outside

of London for the UK. It has fantastic transport links, which help in the development of our business. From our base in Edinburgh we now conduct business across Europe including Austria, the Channel Islands, Germany, Luxembourg, Malta, the Netherlands, Spain and Switzerland.

We can draw on a highly skilled workforce and modern facilities, while our staff enjoy a very high quality of life in one of the UK’s premier cities renowned for its culture and vibrancy.

EDINBURGH AND LONDON COMPETE FOR SOME BUSINESS BUT THERE ARE MANY MORE AREAS WHERE WE COMPLEMENT ONE ANOTHER.

Alan Thornburrow, Chief Executive, SIOOur investments managers are backed by an equally strong supply chain. Scotland’s

dynamic asset servicing sector has market-leading expertise in administering and overseeing the complexities of investing across multiple markets and products, ensuring that we continue to provide service excellence to our clients wherever they may be.

The strength and depth of our talent pool is a credit to our industry. From the

depth of expertise within the industry, to the close ties we enjoy with academia and future talent, Scotland has an enviable reputation. Our employees enjoy an outstanding work life balance which sees the great outdoors meet cosmopolitan city living and short commute times to work.

There is real strength in numbers in Scotland, an ability to service the world’s markets and a proximity to Europe’s largest markets for investment management a short train or plane ride away. All in all we have a compelling story to tell.

Dr Sonia Schulenburg, Chief Executive, Schulenburg CapitalEdinburgh attracted me do my PhD, because Informatics at

the University of Edinburgh is consistently ranked best in the UK for research. We are thought leaders in the field.

It is never easy recruiting for multi-disciplinary skills, but it does help that Edinburgh is simply inspirational – the best place to develop a solid scientific understanding and a new perspective on applying computational thinking to investment management. It’s a hub bringing in talent from all over the world.

ROUND TABLE:

PENSION FUNDS, INSTITUTIONS AND INVESTORS AROUND THE WORLD APPRECIATE SCOTLAND’S ASSET MANAGERS’ PRUDENT APPROACH TO INVESTING.

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TIMELESS EDINBURGH HAS STAR APPEALEveryone loves the movies – whether it’s for the star appeal

on the red carpet, IMAX-style special effects or, with

worldwide box office receipts in 2012 totalling more than

$50 billion, the money they can generate.

The revenue isn’t just important to the producers, or indeed the stars; a number of studies have shown the growing impact of ‘set-jetting’ in the tourism industry.

It’s a stage upon which Edinburgh has been making its own mark globally, not least as a sumptuous backdrop to a number of recent box office hits.

Sci-fi drama Cloud Atlas has grossed more than $130 million USD worldwide. The film was a number one hit in Russia and had higher box office takings in China than Skyfall.

Alex Boden was the UK producer for Cloud Atlas: “Edinburgh was a creative decision. The city solved a number of challenges and gave us a key scene on the Scott Monument. As well as the exterior scenes around the city, we also filmed at the steam railway at Bo’ness, just along the river Forth, and found a ‘chateau’, perfect for our needs, just to the west of the city.”

For an international production it’s vital for locations to be able to fulfil a number of needs in this way, which is where Edinburgh Film Focus (EFF) enters the frame.

EFF is the local film commission. Its territory takes in the Old and New Towns of Edinburgh – a UNESCO World Heritage Site – and some of Scotland’s most inspiring natural scenery.

“The castle, the gardens, the festivals: these are all images that draw millions of visitors to Scotland’s capital every year,” explains Rosie Ellison, Film Manager with EFF. “That’s why Ganten, China’s favourite bottled water company, filmed a series of four ads here last year using a local production company. By now, those ads will have been seen by more than a billion people.”

In 2014, Scotland invites the world to join in its

Year of Homecoming.

ON AVERAGE, MORE THAN THREE PRODUCTIONS WERE BEING FILMED IN THE CITY ON ANY GIVEN DAY IN 2012.

Edinburgh Festivals www.edinburghfestivals.co.uk

Homecoming 2014 eventswww.eventscotland.org

In addition to the Commonwealth Games in July (which will see diving medals contested at Edinburgh’s recently refurbished Royal Commonwealth Pool) and the Ryder Cup in September at Gleneagles, the year-long programme of Homecoming events and activities will showcase Scotland’s mouth-watering food and drink, stunning natural environment and spectacular arts and culture.

Edinburgh formally launched the Year of Homecoming with a special “Saltire in the Sky” fireworks display during the Son et Lumière finale on 31 December – part of the city’s world-famous Hogmanay celebrations.

From 1 January to 5 May, the National Library of Scotland is hosting a free exhibition on the most outstanding achievements by Scots and Scotland. Then, between 30 January and 2 February, Edition 2014 will see 350 UK and international dance programmers and presenters showcase the best dance artists from across the UK.

A new addition to the annual International Science Festival, in April, is Gastro Fest, a mini-festival of science, food and flavour. Later the same month, TradFest will stage a celebration of music, song, dance, craft and story.

The John Muir Festival, also in April, celebrates the life and legacy of the Scots-born naturalist who founded America’s national parks. A new national pathway, the John Muir Way, stretches from Dunbar,

in the east, to Helensburgh, and events will take place along its length.

Marking the onset of summer, on 30 April, Beltane is a spectacular pageant, staged annually in Edinburgh, which honours Celtic heritage.

May is designated Scotland’s Whisky Month, with the Scotch Whisky Experience on Castlehill one of many venues that will celebrate this most famous of Scottish exports. Designated World Whisky Day, 17 May offers a chance for those unable to make it to Scotland personally in 2014 to toast the celebrations.

With 30,000 runners and a choice of eight races, May’s Edinburgh Marathon Festival is now Scotland’s largest running festival and the UK’s second biggest marathon. There’s also something for all ages and abilities with the Edinburgh-based Scottish BirdFair, which promises to be fun for all the family.

South of the city, TweedLove – staged near Peebles – is now the UK’s biggest cycling festival, held every year in the beautiful Tweed Valley. And just when you thought the city’s programme of annual festivals couldn’t get any bigger, the Edinburgh International Magic Festival appeared!

In September, the Forth Bridges Festival is a Homecoming 2014 Signature Event, expected to attract more than 100,000 local, national and international visitors over 10 days. The centrepiece will be a flotilla, which will sail past the Forth Road Bridge to mark its 50th birthday.

THE NORWEGIAN SEISMIC SERVICES COMPANY PETROLEUM GEO-SERVICES HAS LEASED AN OFFICE IN THE EXCHANGE DISTRICT.

In 2013, Edinburgh College of Art graduates Will Anderson and Ainslie Henderson rubbed shoulders with international stars of the big screen when their graduation film, the striking animation The Making of Longbird, won the BAFTA for Best Short Animation.

RECENT PRODUCTIONS IN EDINBURGH:• The Railway Man, starring

Nicole Kidman and Colin Firth

• Under the Skin, starring Scarlett Johanssen

• Sunshine On Leith, starring George MacKay

• Filth, starring James McAvoy

• Cloud Atlas, starring Tom Hanks and Halle Berry

The Edinburgh Fringe is the largest arts festival in the world. There were 2,871 shows by 24,157 artists from 41 countries in 273 venues. Taken together, the Edinburgh Festivals are a phenomenal cultural presence all year round.

The Commonwealth GamesMore than 1.5 billion people are expected to watch the 2014 Games on TV.

The Ryder CupThe third-most watched sporting event in the world, broadcast to 183 countries.

A number of initiatives aim to deliver long lasting benefits to Scottish tourism from the 2014 activities. For example, the development of a modern accessibility programme, in support of the Commonwealth Games, will be promoted nationally through VisitScotland’s Quality Assurance programme, helping to secure Edinburgh’s reputation as a must return destination.

What’s certain is that with 12 annual festivals staged throughout the year, there’s an endless array of events, performances and spectacles to enjoy here every year.

HOMECOMING 2014But the city is also highly versatile. Much

of the filming in Edinburgh is for TV. In drama, the city works well as a stand in for both modern day and, especially, period London; as well as for many other parts of the UK.

“EFF was a fantastic support,” confirms David Brown, an Edinburgh-based producer who acted as UK line producer on Cloud Atlas . “As soon as you commit to locations, production support is vital and it’s such a benefit to have a single point of contact that can help facilitate everything.”

The support provided by EFF includes suggesting shooting locations, organising introductions and advising on legal and administrative issues, crew or equipment hire and contacts beyond the city. It has a database of more than 80 local suppliers covering everything from animation to location management. Recent additions include the boutique post production house Film Cut Post Production and PROCAM, the UK’s largest broadcast hire company.

“Over the last five years, the income from production spend in Edinburgh itself has almost doubled and in 2012 it exceeded £5.5 million, which is fantastic news for the local industry,” adds Rosie.

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For support with production and location requests or general advice about filming in the Edinburgh area, please contact Edinburgh Film Focus part of Marketing Edinburgh Ltd.

Edinburgh Film FocusT: +44 (0)131 622 7337E: info@edinfilm.com W: www.edinfilm.com

The John Muir Way, a new national pathway.

www.investedinburgh.com16 INVEST EDINBURGH | JANUARY TO MARCH 2014 | | JANUARY TO MARCH 2014 | INVEST EDINBURGH 17

<MAKINGITHAPPEN <ADDEDEXTRAS

KEY DATAPOPULATION OF EDINBURGH BY AGE BRACKET (2012)

JOBS IN EDINBURGH BY INDUSTRY (2012)

ANNUAL STATISTICAL OVERVIEW

Indicator Number Date SourcePopulation 482,640 2012 National Records of Scotland

Households 224,322 2012 National Records of Scotland

Working age population 338,331 2012 National Records of Scotland

Average annual wage of workers £24,700 2012 Office for National Statistics

Average annual disposable income £24,600 2012 Office for National Statistics

Annual output per worker £54,300 2012 Office for National Statistics

Average annual office rent £290 per m2 2012 Ryden

Average residential property price £217,000 2012 Registers of Scotland

Annual airport passengers 9.2 million 2012 Civil Aviation Authority

Annual rail passengers 26.6 million 2012 Office of Rail Regulation

Annual tourist visits 3.73 million 2012 VisitScotland

Annual tourist expenditure £1.27 billion 2012 VisitScotland

EDINBURGH’S TOP COMPANIES BY PRE-TAX PROFITS (2012)*

Company Sector Pre-tax profits (£million)

Standard Life PLC Insurance and pensions £996.0

Scottish Widows Group Limited Insurance and pensions £441.0

HBOS PLC Banking £255.0

Diageo Scotland Limited Distilling £205.0

Tesco Personal Finance PLC Banking £124.6

TSB Bank PLC Banking £110.0

Walter Scott & Partners Limited Fund management £93.1

Wood Mackenzie Limited Consultancy £79.6

Sainsbury’s Bank PLC Banking £52.9

First State Investment Management (UK) Limited Fund management £51.0

Scottish Water Business Stream Limited Water and sewage £35.3

BlackRock International Limited Fund management £32.8

John Menzies PLC Logistics £32.0

Artemis Asset Management Limited Fund management £23.2

Edinburgh Partners Limited Fund management £22.9

Heineken UK Limited Brewing £20.2

Petroleum Experts Limited Software development £19.4

Marine Harvest (Scotland) Limited Seafood £17.5

Concept Systems Holdings Limited Software development £16.3

Forth Ports Limited Port operation £15.7

Hunter Boot Ltd Footwear £13.6

The Glenmorangie Company Limited Distilling £13.1

Adam & Company Group Public Limited Company Banking £11.5

Cala Group Limited Property development £11.4

Skyscanner Limited Software development £11.0

* Excludes trusts

TSB BANK PLCThe UK’s newest bank, TSB, has begun operations in Edinburgh. TSB has been created by the Lloyds Banking Group by transferring customers and assets from Lloyds TSB Scotland and Cheltenham & Gloucester, giving it 4.5 million customers and assets of £22 billion. The new bank’s focus is on providing services to individuals and small businesses in the UK. Lloyds plans to spin-off TSB in late 2014 via a listing on the London Stock Exchange.

FIND OUT MORE: www.tsb.co.uk

MARINE HARVEST (SCOTLAND) LIMITEDThe Scottish arm of the Norwegian seafood giant Marine Harvest has been praised by chief executive Alf-Helge Aarskog for delivering record profits. The world’s largest salmon and trout producer, Marine Harvest employs approximately 450 people in Scotland between its head office in Edinburgh and farms, hatcheries and processing plants throughout the Scottish Highlands and the Western Isles.

FIND OUT MORE: www.marineharvest.com/scotland

SKYSCANNER LIMITEDThe travel search engine company Skyscanner has secured a major equity investment from the American venture capital firm Sequoia Capital, helping to fuel its rapid global expansion. Skyscanner, whose website and app are used by millions of people each month to search for flights, hotel rooms and rental cars, plans to grow its workforce to 500 by the summer. In the past year, the firm has opened new offices in Miami and Beijing.

FIND OUT MORE: www.skyscanner.net

Professional, scientific and technical services (46,600)

Health and social work (45,200)

Financial services (38,000)

Wholesale and retail (36,700)Education

(27,900)

Accommodation and food services (25,400)

Administrative and support services (21,300)

Public administration and defence (17,500)

Information and communication (12,800)

Transportation and storage (10,400)

Arts, entertainment and recreation (10,000)

Construction (9,800)Manufacturing (7,200)

Other services (6,300)

Real estate (4,900) Primary industries and utilities (3,300)

100,000

80,000

60,000

40,000

20000

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Age (years)

27,057

46,364

70,447

86,642

67,07263,688

50,482

36,069

24,693

10,126

COOL BRITANNIA – THE UK’S “BIGGEST AND BY FAR COOLEST” SOUVENIR CHAIN – HAS OPENED AN OUTLET ON PRINCES STREET.

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ALL RIGHTS RESERVED. MATERIAL CONTAINED IN THIS PUBLICATION MAY NOT BE REPRODUCED, IN WHOLE OR IN PART, WITHOUT PRIOR PERMISSION OF THE CITY OF EDINBURGH COUNCIL (OR OTHER COPYRIGHT OWNERS). WHILST EVERY EFFORT IS MADE TO ENSURE THAT THE INFORMATION GIVEN HEREIN IS ACCURATE, NO LEGAL RESPONSIBILITY IS ACCEPTED FOR ANY ERRORS, OMISSIONS OR MISLEADING STATEMENTS.

MIXED-USE DEVELOPMENT OPPORTUNITYEDINBURGH CITY CENTRE: KING’S STABLES ROAD, EDINBURGH, EH1 2JY

• A 5,300m2 site currently occupied by vacant office and storage properties.

• Located on a thoroughfare linking the Exchange business district with the Grassmarket, Edinburgh’s historic market square.

• Potential for a mix of uses including residential, retail, office and hotel.

The City of Edinburgh Council is pleased to present a prime mixed-use development opportunity in one of Edinburgh’s most historic locations.

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The full site is being made available for purchase. Interested parties are invited to make contact for more information on this opportunity.

FIND OUT MORE: Graeme McGartland, Corporate Property The City of Edinburgh Council t: +44 (0)131 529 5956 e: graeme.mcgartland@edinburgh.gov.uk

• Just minutes away from the 750 bay Edinburgh Castle Terrace car park.

• A central location in close proximity to the National Museum of Scotland and Edinburgh Castle, Scotland’s leading visitor attractions.

• Heritable (freehold) tenure.