POLITICS

Alliance Trust Issues Scottish Independence 'Uncertainty' Warning

07/03/2014 10:29 GMT | Updated 07/03/2014 10:59 GMT
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Katherine Garrett-Cox, chief executive officer at Alliance Trust Plc, center, listens to a speaker during the International Financial Services conference in London, U.K., on Monday, April 22, 2013. U.K. inflation expectations tumbled to the lowest in almost four months this week as energy prices fell and government reports signaled growth is slowing, gilt yields show. Photographer: Simon Dawson/Bloomberg via Getty Images

Investment and savings business Alliance Trust has announced it is to set up additional companies in England as a result of uncertainty surrounding Scotland's independence referendum.

The 125-year-old Dundee-based business said it was taking the precaution in order to protect its customers regardless of the outcome in September. The trust currently has offices in Dundee, Edinburgh and London.

In a statement outlining the company's annual results, chief executive Katherine Garrett-Cox said: "2014 is an important year for Scotland.

"The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address.

"Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings.

"To give them full confidence, we have started work to establish additional companies registered in England, in order to provide operational flexibility and to complement our existing business in Scotland."

Setting up additional companies registered in England would "remove any uncertainty", the company said.

The move would also serve to "provide operational flexibility and to complement our existing business in Scotland", it added.

Alliance Trust, which was incorporated in 1888 from several Dundonian companies, is one of the largest investment trusts in the UK with gross assets of more than £3.2 billion and around 250 employees.

It is the latest in a line of companies to raise concerns about uncertainty created by the referendum.

Business leaders who oppose Scottish independence