Manchester is the UK's leading regional financial and professional services centre, the sheer scale of which demonstrates the breadth of opportunities available to new investors.
The sector employs over 240,000 people across a wide range of activities including investment and retail banking, insurance, corporate finance, law and accountancy, and contributes £10.7 billion to the Manchester economy each year.
Many leading global firms are represented in Manchester, and the city continues to attract new investment from national and international companies. The financial and professional services sector has grown by 40% over the past 10 years and is projected to increase by a further 50,000 jobs by 2020.
As the largest UK regional economy, Manchester provides an ideal location to establish a regional hub outside London. Many firms have also found that relocating or consolidating back or middle office operations in to the region can deliver significant cost benefits and operational efficiencies.
The commercial strength of Manchester is complemented by regional representation of the London Stock Exchange, the CBI and the Bank of England. The city region is also home to over 60 banks, over half of which are foreign owned.
Major and recent investorso The Cooperative Group is headquartered in Manchester and employs over 9,000 people, including 4,000 people within Cooperative Insurance (CIS). As well as retail banking, Cooperative Financial Services is home to a comprehensive corporate banking division, securities functions and trading.
o The Royal Bank of Scotland consolidated its Northern operations into Manchester in 2004, and now employs over 7,000 people in the city. RBS Global Banking and Markets (GBM) opened its new European Operations Centre in Manchester in 2010.
o AVIVA, one of the world’s largest insurance groups, selected Manchester as a new UK Centre for Excellence in 2008, adding 250 people to the 1,000 strong team.
o The College of Law opened a new £5.5 million state of the art law school in the heart of Manchester city centre in September 2009.
o Other recent new and expanding investors include SG Hambros, Santander, Handelsbanken, Credit Suisse, Hiscox, Barlow, Lyde & Gilbert, Shoosmiths, Towergate and DC Advisory Partners.
To find out more about financial and professionial services in Manchester City Region, please contact:
Andrew Toolan, Business Development Manager
andrew.toolan@midas.org.uk
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