In a reversal of the traditional economic relationship between Scotland and Northern Ireland, actuaries Spence & Partners has expanded from its Belfast origins to grab a significant foothold in the Scottish market only two years after opening an office in Glasgow.
Established in 2000 Spence & Partners now employs 18 people in its Belfast head office and 10 in Scotland. The Glasgow office opened early in 2004 and has grown both its turnover, by about 25% to £2.5 million, and its staff ever since. The firm is presently positioning itself for a further surge in demand for its services with a range of senior appointments.
David Davison, Director at Spence & Partners, said, ‘Whilst there are numerous actuarial firms competing against each other in England, in Scotland actuarial services are typically provided by UK national companies to major organisations. Our rapid expansion in Scotland is attributable partly to our spotting a gap in the market and focusing our efforts on the owner/managed SME sector – the very sector that seeks both the value for money and the close working relationship with a single senior adviser that we are particularly well placed to provide.
‘Pensions issues have been topping the political and economic agendas of late and this has led to a significant rise in demand for our services, particularly professional pension scheme trustee services.
‘We are able to satisfy that demand by offering a niche service unlike anything available elsewhere in the marketplace. Our specialists come from a financial background and, as many of the issues currently facing companies and trustees revolve around such financial issues as solvency, assets, liabilities and investments, Dalriada Trustees is perfectly placed to provide the support needed.’
Having firmly established itself in the Scottish marketplace, Spence & Partners now intends to build on the professional reputation and relationships it has already developed to consolidate its growth and expand its services throughout Scotland and the rest of the UK.
For further information please contact
David Davison on tel 0141 221 4934
Issued on behalf of Spence & Partners by Blueprint Media tel 0141 353 1515
Date 29 September 2006