BNY Mellon Expands Edinburgh Operations

BOSTON and EDINBURGH, Scotland, June 13, 2011 /PRNewswire/ -- Global financial services leader BNY Mellon is to expand its Scottish operations, creating over 60 new jobs, Scotland's Cabinet Secretary for Finance John Swinney, announced today.

BNY Mellon, which provides investment management expertise, investment servicing solutions and other financial services to institutions, corporations and high-net-worth individuals globally is expanding its Blenheim Place offices and creating over 60 jobs, increasing its Scottish workforce to approximately 650 employees.

Operating in 36 countries and serving more than 100 markets, BNY Mellon has had a presence in Scotland for more than 20 years and today operates from three locations in Edinburgh. The company has over approximately $25.5 trillion dollars in assets under custody and administration and approximately $1.2 trillion dollars in assets under management services, approximately $12 trillion dollars in outstanding debt and processes global payments averaging approximately $1.7 trillion dollars per day.

Scottish Enterprise, Scottish Development International and Skills Development Scotland have worked closely with the company to support its Scottish growth plans. This announcement is the latest in a number of investments and job growth opportunities in Scotland from leading financial services companies. Scotland's financial services industry makes a substantial contribution to the economy employing approximately 95,000 people and accounting for around eight per cent of the country's GDP.

"Scotland has established a global reputation for financial services excellence, with the infrastructure and skilled workforce that can deliver success," said Cabinet Secretary for Finance, Employment and Sustainable Growth John Swinney. "BNY Mellon has had a presence in Scotland for more than 20 years. I am delighted the company is reaffirming their commitment to Scotland through expanding their operations and creating over 60 new jobs. The company's decision to invest further in Edinburgh reflects the quality and skills of the local workforce and Scotland's position as a world leader in financial services. Scotland remains a competitive and attractive destination for international finance, we continue to attract the biggest names in the industry, as today's news and the announcement earlier this month confirm."

"The Scottish Government, Scottish Enterprise and Scottish Development International recognise the substantial contribution that the financial services industry makes to our economy. Together we are doing all we can to promote Scotland's strengths as global centre for financial services and to secure new investment and jobs."

"Edinburgh is one of our business' key centres, and the investment we have made to build upon our existing presence here," said Tim Keaney, chairman of Europe, BNY Mellon. "Both through our ongoing recruitment programme and the refurbishment of our Blenheim Place offices, underlines our continued commitment to the city and to Scotland."

"Scotland is delighted BNY Mellon is expanding its operations in Blenheim Place. BNY Mellon has for many years invested in Scotland as a key financial center in recognition of the skilled workforce and success of current operations," said Danny Cusick, President of the Americas for Scottish Development International. "Scotland welcomes BNY Mellon's continued investment in Scotland's financial services sector and looks forward to helping fulfil their growth potential in Edinburgh."

About Scottish Development International

Scottish Development International (SDI) is a government agency which helps overseas businesses tap into Scotland's key strengths in knowledge, high level skills, technology and innovation. SDI also works to help Scottish companies do more business overseas and to promote Scotland as a good place to live and work. SDI has six offices in North America including Boston, New York, Chicago, Houston, San Jose and Toronto.  Its work is guided by the Scottish Government's strategy for economic development in Scotland

For more information regarding Scottish Development International contact Kathleen Tepfer (617) 692 7362 or visit our website at www.sdi.co.uk

SOURCE Scottish Development International