High demand drives SIO reboot

Financial services body Scottish Investment Operations (SIO) will unveil plans to double in size when the organisation’s chief executive addresses delegates from Scotland’s financial community this evening.

CEO Raymond Wales is to announce SIO’S new target to increase group membership by 100 per cent within two years by offering different levels of subscription.

The decision follows “resurgent demand” from Scottish companies seeking greater collaboration over common business challenges, such as changing regulatory landscapes.

The member-funded organisation, which focuses on operational support for fund management and investment banking companies based in Scotland, was established in 2001 but experienced a membership decline following the economic crisis of the last decade.

Its current members collectively manage an estimated £6 trillion of customer assets and employ more than 5,000 people.

Wales said: “This is a key point in time for our membership. Through active and collective participation, we have an agenda that is current, tactical and relevant for them.

“Ultimately, I believe this will drive improved performance and have a positive impact on Scotland’s financial services sector reputation as a global centre of excellence.”