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'Stop moaning and invest', says Legal and General boss

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The boss of insurance and investment giant Legal and General says Scotland and the UK are still great places to invest, amid Brexit concerns.

Nigel Wilson said "we should be getting on and doing things" instead of "moaning and groaning".

His comments came as the UK and global money manager announced a £1bn profit for the year so far.

Mr Wilson said the company would continue to invest in a range of projects in Scotland and across the UK.

In the wake of Boris Johnson's "do or die" plan for the UK to leave the EU at the end of October - possibly without a trade deal - Mr Wilson said companies such as Legal and General were in a position to handle any problems.

Under-investment concern

"We've always had a view that there are lots of things we can do to self-determine success in the UK," Mr Wilson told BBC Radio's Good Morning Scotland programme.

"We should be investing more in housing, energy, transport, healthcare - and interest rates are at an all-time record low."

He added: "The UK is still a great place to invest. Scotland is still a great place to invest. Instead of moaning and groaning all the time we should just be getting on and doing things."

Mr Wilson said Legal and General, which this year became the first UK investment house to manage a trillion pounds of assets, would continue to invest in British firms.

"We are a country that has under-invested for 30 or 40 years in very basic infrastructure. Everywhere we go - whether it's Newport, Glasgow, Edinburgh - there's an endless list of places where we just see opportunities.

"We're the best country in the world in starting up new companies. We're one of the worst countries in the world in scaling up those businesses. Our job is to help companies scale up."

Mr Wilson said investments included backing Edinburgh-based tech firm Caresourcer - the UK's first comparison matching site for elderly care, which he said could be a "national champion".

Legal and General's half year profits represented an 11% rise, driven by growth in its corporate pension business and more money flowing into its asset management unit.

Source - BBC News

About the author

Philip Scott

Head of Equities, Director

Philip has worked as a Private Client Stockbroker for nearly 20 years, commencing his career in Operations with Rensburg Sheppards (now part of Investec plc) before spending 9 years with Killik & Co advising on and directly managing portfolios. He joined SI Capital in 2006 to head up the Private Client Advisory desk.

Philip is a regular contributor to local media commenting on stock market dynamics and is a Chartered Member of the Chartered Institute for Securities & Investment (MCSI). His RDR qualification gained special recognitionfrom the CISI for achieving the highest combined pass mark in the country for the Investment Advice Diploma in 2012.

“At SI Capital I enjoy being part of a talented team who collectively share the same desire to provide excellence in service.  My focus is to ensure that each client receives effective and optimal management of their assets.”

Philip lives locally, is married with 2 daughters and is an avid sports fan (if now predominantly from the sidelines).  His other interests include music and film.

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