A Scottish company that provides complex support services for investment management firms has achieved multimillion-pound sales and created around 40 jobs in its first two full years in business.

Multrees Investor Services grew turnover by 60% annually, to £5.5 million, last year after generating strong interest in its services, which can take care of many of the tasks that have to be completed once an investment decision is made.

These range from keeping custody of the assets owned by the clients of investment firms to providing the reports they need to generate for people whose funds they manage.

The clients of investment firms may have many different assets, including shares, savings products, pension schemes and bank accounts.

The success of the company provides an example of how some Scottish businesses have managed to identify lucrative niches during a time of upheaval in the financial services industry.

It vindicates the decisions of Multrees Investor Services' two Scots founders to plough savings they amassed working in the City into launching the company.

Based in Edinburgh, Multrees Investor Services was founded by Chris Fisher and Chris Newsam, who gained years of experience in the investment management industry with companies such as Brown Brothers Harriman.

Mr Fisher, chief executive of Multrees, said the two men believed the fallout from the financial crisis of 2008 created an opportunity for a firm that would focus solely on providing support for investment businesses.

While services such as custody are provided by banks, the founders thought potential clients would look favourably on an independent service provider that did not sell possibly competing investment products. At the same time the financial crisis encouraged the emergence of a generation of new investment firms.

Many did not want to commit the resources required to develop their own capacity to provide functions like client reporting, while ensuring they complied with the fast changing regulations governing the sector.

The two founders developed their plans for the business with the intention of basing it in Edinburgh, where they expected to be able to tap into a strong pool of staff with the required specialist knowledge.

In addition to banks, some big investment services operations such as State Street have bases in Scotland.

After raising some start-up funding from John Byrne, a technology entrepreneur, the two men started the business in April 2010.

The company hired around 20 staff in Edinburgh by July 2010, although it only had what Mr Fisher calls a "gentleman's agreement" with the organisation that became its first client at the time.

"We front-loaded on staff to give clients confidence that we were serious and ready," said Mr Fisher.

Multrees now has 42 staff in Edinburgh and six working in business development in London.

After signing a number of clients, Multrees started to generate interest among potential investors in the business, including trader players.

Last year the company won a seven-figure investment from a Swedish pension fund, which took a majority stake.

It has gained support from Scottish Enterprise, under the account management scheme for fast growth firms.

Multrees signed up its 10th customer recently and now acts for a range of clients that includes boutique investment firms and bigger fish.

The firm has started to generate cash from operations. Mr Fisher is confident the company can maintain steady growth based on the level of interest it has attracted.

Directors believe Multrees is capable of growing turnover to £15m to £20m by the fifth year. A business of that size would probably need around 30 more staff in Edinburgh.