THE head of UBS’s wealth management business in Scotland, Debjani Raffan, says it sees plenty of room to grow in the country and shrugged off concerns about the possibility of another independence referendum.

Asked to comment on concerns the Brexit vote may be followed by a second vote on independence for Scotland, Ms Raffan said the question was just one of many unknowns that businesses have to be aware of.

She noted Nicola Sturgeon has said there won’t be a referendum this year. The First Minister said yesterday Theresa May’s announcement that the UK will leave the European Union single market made it more likely one will be held eventually.

“There are still going to be clients and wealth management needs,” said Ms Raffan.

She is pleased by the progress UBS has made in wealth management in Scotland in recent years.

The company’s client base includes many entrepreneurs in core areas including Glasgow, Edinburgh and Aberdeen.

Ms Raffan highlighted the potential to win more clients in areas such as the Borders, Inverness and the Highlands and Dundee.

Dean Turner, UK economist at UBS Wealth Management, said the company was not advising clients to reduce investment in the UK following the Brexit vote.

The company expects growth to ease in the UK this year with business investment and consumer spending likely to slow. Domestic companies could still make progress against a broadly favourable global economic backdrop.

The fall in the pound since the Brexit vote will help exporters.