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Scotland has the talent and resilience to retain and reaffirm its position as a global financial centre, First Minister Alex Salmond told academics in Glasgow today.

In an address to The Institute for Advanced Studies at Strathclyde University, he said that even in the current economic climate there were new opportunities that would reaffirm the competitive edge of Scotland's financial services industry.

Last Month the Scottish Government and financial services industry published the annual report of joint industry advisory board FiSAB. It showed that Scotland continues to build the conditions necessary for future growth in financial services, while particular sectors - including insurance and fund management - continue to perform well.

The report also found that the industry continues to attract skilled staff, including an increasing number of graduates.

Speaking at Strathclyde University the First Minister said:

"Financial services will remain big global business and I am confident we have the people, profile and infrastructure in place to build upon our success and deliver future growth.

"Scotland is an international centre for life assurance, pensions and asset management and Edinburgh remains in the top 10 global centres for asset management.

"Altogether our industry has some £468 billion of funds under management and with an ageing population around the world there are many opportunities for further growth.

"The challenge to the Scottish Financial Sector during this global down turn is to take the opportunity to renew its focus, to work together to deliver recovery and future success.

"The financial sector in Scotland has responded with resilience, reflected in companies like Tesco Personal Finance and Esure choosing to expand their business here in Glasgow and Edinburgh.

"The skills of our workforce have helped attract and retain international companies such as HSBC and BNP Paribas.

"The changes that lie ahead also provide the industry with new opportunities that will demonstrate our fundamental competitive advantage.

"Our financial services industry has the skills and expertise necessary to respond and adapt to change, and I am confident Scotland will succeed in re-affirming its role as a global financial centre."

The University of Strathclyde's Principal Professor Jim McDonald said:

"We have had great pleasure in welcoming the First Minister to this event. His interest, as an experienced economist, in this innovative approach to studying financial markets is a great encouragement to those involved.

"The University of Strathclyde is hosting and funding the Institute for Advanced Studies in its pilot phase. Our aim is to build wider support for the innovative and interdisciplinary approaches which it takes and to make this a shared initiative of Scottish universities, the public sector and business."

The First Minister is a visiting Professor of Economics at Strathclyde University.

The Institute for Advanced Studies aims to enhance the culture, society and economy of Scotland and the UK.

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