Centre of Financial Excellence status for North West

Centre of Financial Excellence status for North West

The growing financial and professional services sector in the North West is the latest region to join a flagship programme to attract more international investment to the region.

Economic Secretary to the Treasury, Harriett Baldwin, was at the Manchester launch of the Financial Centres of Excellence initiative at the offices of BNY Mellon in Hardman Street in Manchester.

UK Trade & Investment’s Financial Centres of Excellence initiative aims to promote cities and regions outside the City of London to international investors.

The programme also encouraged financial services companies in the City of London to consider moving back-office functions to the North West instead of moving them abroad.

Economic Secretary to the Treasury, Harriett Baldwin said: “The financial services industry is a key part of the government’s plan to rebalance the economy and create a Northern Powerhouse.

“The financial services industry in the North West is going from strength to strength and is great success story. It makes an important contribution to the local economy, employing 233,000 people, over a tenth of the UK’s entire financial services workforce.

"UK Trade & Investment’s new financial Centres of Excellence in Manchester will build on the North West’s success and help further promote the region to international investors.”

Chris Cummings, CEO, TheCityUK said: “Financial and related professional services bring great benefits to regional economies and the North West is home to one of the largest clusters of financial, accounting, legal and management consulting firms outside of London and the South East.

“With around 233,000 people currently employed in the industry across the region, and the Government committed to developing a Northern Powerhouse, we expect to see further job growth over the coming year, deepening the talent pool of skilled workers and creating an even stronger hub.”

Matt Wells, Manchester Site Executive, BNY Mellon said:   “The North West is undeniably a driving force for the financial services sector outside of London and the South East.  Manchester, in particular, is thriving with over 100 banks and institutions based in the city. 

“Companies like ours are attracted to Manchester’s burgeoning talented and entrepreneurially minded workforce, who have the right mix of digital and financial services knowledge. Merseyside also plays an important role in the region and one of our subsidiaries, Pershing, has an office in Liverpool.