THE trade body that represents firms that provide back office services such as fund accounting for investment businesses has been relaunched to help companies collaborate to improve the sustainability of a key sector.

Scottish Investment Operations aims to support members to work together to address challenges posed by factors such as regulatory change.

Chief executive Raymond Wales said collaboration could help improve performance and boost the reputation of Scotland as a global centre of excellence.

“Investment Operations are a key part of the Scottish economy and there is great strength in unity in meeting regulatory and customer expectations,” said Mr Wales.

Scottish Investment Operations reckons its membership collectively manages an estimated £6,000 billion of customer assets and employs over 5,000 people.

The organisation was founded in 2001 by 16 firms, including Bailie Gifford and HSBC Global Fund Services, and Scottish Enterprise to help meet growing demand for people with the skills and experience needed to work in investment administration.

Around £350m funds were managed from Scotland at the time.

The organisation developed professional qualifications, such as an investment accounting diploma, but member numbers fell following the financial crisis. Mr Wales was appointed last year with a brief to repurpose and relaunch SIO .