South West Financial Centre of Excellence

2019

May 20

Withdrawn 2 South West Financial Centre of Excellence gov.uk/ukti 3

2019

May Welcome to 20The South West Region

but we are also a significant alternative location to the UK capital for expanding Cheltenham companies. Gloucester Bristol We’ve achieved this position through Bath a combination of strengths: a deep and diverse talent pool with thousands of top graduates; lower operating, property and staffing Withdrawn We are proud to introduce you to one costs; ready-made infrastructure of the UK’s most productive financial and super-fast connections to services city regions outside . London, the rest of the UK and We’ve proved our mettle in industries throughout the globe. such as digital tech and aerospace, It’s time to explore the South West. 4 South West Financial Centre of Excellence gov.uk/ukti 5

Twelve reasons to set up and expand your financial services business in the South West

1. Top Talent 2. Established financial 3. A preference 2019 162,000 people work in financial & services ecosystem for ex-Londoners in the South West1 An influx of major investors are building Bristol is one of the UK’s preferred one of the largest FS sectors in the UK2 cities for those leaving the capital May 4. A leader in specialisms 5. Back-office hotspot 6. Four universities with The South West is a lead region outside Major brands are relocating 20,000+ graduates of London in financial services, high-volume processes here Recruit world-class economists, banking and accountancy and saving millions entrepreneurs, business and law students 20Onshore magnet

“With its sophisticated financial services ecosystem, proximity to 7. First-class connections 8. Fintech hub 9. Competitive office and London and international markets and highly skilled talent base, this Reach London’s Canary Wharf in The future of financial services salary costs under 2 hours thanks to is being forged here Save 25-30% compared to London region has the edge.” says Chris Bull, Chair, Professional and Financial electrification and CrossRail Sector Group, West of England Local Enterprise Partnership.

“In a digital age you can choose We have a strong skills pipeline, with much more widely about where universities and colleges constantly feeding you can place your operations. talent into the workforce. 10. A top location for productivity 11. Best for quality of life 12. Biggest legal centre There’s a big trend among Ranked top for productivity in The South West is consistently outside London businesses which are headquartered There’s a proximity to the rest of the 3 4 the UK by TechNation 2016 voted the UK’s best place to live Offering a vast pool of legal skills or have mass operations in London country, international markets and London, Withdrawn to ‘onshore’ here.” with electrification of the rail network bringing even shorter journey times. “Financial and professional services are the largest sectors in the region. These features give us an edge; a genuine 1 TheCityUK. www.thecityuk.com/about-us/uk-work-programme/ Life, Friends Life, Computershare Investment Services, NatWest business advantage. This is why large new-u-k-interactive-map-page/south-west , Triodos , Clerical Medical 2 Royal Bank of Scotland, , HBOS, Coutts, 3 MoneySuperMarket Quality of Living Index 2013 If you set up here, you are not working from players such as Lloyds, NatWest and , Axa Life, HSBC Life, Wealth, Bank of Ireland, 4 CBRE Law in the Regions report, Feb 2016 a green field site. We have the infrastructure. Rathbone Greenbank Investments, Hargreaves Lansdown, Canada have been drawn here and why Hargreaves 6 South West Financial Centre of Excellence gov.uk/ukti 7

Lansdown and Cheltenham & Gloucester mainline rail links that intersect the region. have become such major international players from here, employing nearly Talk to the businesses who are already 20,000 people between them. here. Look at the evidence, the surveys and the statistics that all support this The is an increasingly region as being an ideal place to locate expensive place to employ and locate financial and supporting professional people right across back, middle and front services firms.” office functions. The South West of England is now a primary alternative to London where financial services THE FUTURE OF FINANCE 2019 companies can locate and thrive. The region is a centre of excellence for This is also one of the most attractive financial services education and research. Here are some of the organisations that regions for people to relocate. The South are coaching the industry’s brightest West is top rated for quality of life, and this minds and shaping the future: is why the Times voted it the best place to May live in 2015. The region is also a centre for • Global Research HQ – the Centre innovation. Financial services firms are for Global Finance at Bristol Business harnessing the deep pool of technology School undertakes cutting-edge research into corporate finance, and digital skills. Many businesses located monetary systems, banking, 20 here have been very successful in governance and more developing innovative financial services models and there are also a high number • The School of Management – at the Future fintech of small, nimble businesses; hedge funds in University of Bath ranks amongst the Bath for example. These are small world’s top one per cent of business schools1 businesses dealing with huge amounts of “Fintech firms in the region are driving the global revolution in financial • Innovative accountants – money. It’s because they are not location services” explains Toby Hughes, founder and CEO of award-winning dependent and Bath is an attractive place Undergraduates and academics are to be. breaking new ground at the University Momentum . of Gloucestershire’s International As for where to set up, companies looking Centre for Contemporary Accounting “Fintech is turning the financial “The future of financial services is about to relocate in the South West have a full Research services sector on its head and there’s disruption: finding new ways of doing spectrum of options: Central Bristol offers • No.1 for satisfaction – The business an enormous opportunity for the banking and insurance, opening up affordable grade A space in the middle of studies course at the University of Bath South West. We’re a global the way data is shared, accessing new one of the UK’s most exciting cities. SchoolWithdrawn of Management is rated number community in tech and the South investment markets, developing peer-to- Alternatively you can opt for even better one for student satisfaction2 West have a leading part to play peer lending, improving mortgages and priced offices in a wide choice of small alongside London, New York and driving efficiencies that will lead to town or semi-rural settings, or in state-of- Silicon Valley.” cheaper prices.” the-art business parks with exceptional 1By EQUIS, the European Foundation for Management Development’s transport links, thanks to the M4/M5 and (EFMD) quality inspectorate 2The Student Survey Experience 8 South West Financial Centre of Excellence gov.uk/ukti 9

“The South West is taking a lead and is a Company Overview great place to have a facility. If you’re in fintech, you need a presence in London but that can be done through a virtual office. Offices here are half the price. The calibre of staff is fundamental. In London it can be hard to get and retain the talent. The work life balance in the South Momentum Financial Technology in Bristol West is arguably better, which can produce Toby Hughes founded financial digital happier employees. We have developers marketing agency Blue Speck Media in 2011. 2019 from Mexico, all over Europe and from A 2014 acquisition by South African America. The local universities provide insurance company MMI Holdings led to the numerous PHD and Masters graduates. founding of Momentum Financial Technology, which operates a 120-person We started Blue Speck Media in 2011 fintech lab in Bristol. The company currently trying to create something that helped runs Moneyhub — an award-winning people make better choices over financial app-based financial dashboard — and futures. We launched award-winning May YourWealth.co.uk, a personal financial websites and tools. information website that helps users choose We were one of the world’s best financial products. Back-office boost organisations at what we were doing but we South West Facts 20 needed to accelerate the business. • Home to the Centre for Global Finance Following numerous approaches for the (University of the West of England) with company, MMI, which operates in 13 “Moving back-office functions to the South West can reap major rewards” an international reputation countries, acquired us. They recognised that say Clive Hetherington, Head of Mid Markets, South West Region and large organisations are not always best • Home to the most productive digital tech Business Development Director Paul Harvey, both of Lloyds Bank. placed to incubate technology, identifying cluster in the UK (Tech Nation 2016) that the South West has the agility and skills • Centre of the South West’s securing, “Once Lloyds decided to come to We were drawn to Bristol by the mix of supply that they require. They can see the brokering and fund management activity impressive work that is happening with the Bristol, we ran a huge internal professional communities — its diverse talent in the region. • Home to the forthcoming National Cyber advertising campaign and were workforce and variety of businesses — Security project inundated with people who were the quality of the people and work-life We’ve now opened a new 120-person R&D Key Areas of Strength working in London and were happy balance. The working and living facility here in Bristol and are continuing to (fDi Benchmarking 2016) to relocate because of the city’s environment is not like any other. And grow. We are rolling out a new product, reputation for quality of life and looking at the cost of salaries and cost of MoneyHub, which brings together a • Companies and specialisms in software property, Bristol was low. customer’s finances into one place. You can and ITWithdrawn work-life balance.” share it with all the people in your financial • Numerous software patents “We had a traditional head office in We took the opportunity to relocate a world: mortgage brokers, financial advisors • Specialisation in securities and commodities London but we were looking at various large number of head office functions to and accountants. It will be significantly alternative options, primarily driven by transformative for the industry and • Companies in data processing Bristol: the head of retail banking, empower consumers to better understand potential cost savings. marketing and property departments. It’s their finances in an engaging way.” been a huge success. We didn’t withdraw 10 South West Financial Centre of Excellence gov.uk/ukti 11

our head office from London but moved Company Overview high-cost processes for big cost savings. All roads lead to Rome, via Bristol Being in this region puts us in the thick of a fast-moving financial services industry: the extraordinary changes are driven by “Bank of Ireland is a leading provider of mortgages in the UK, digitisation and the advent of crowd- thanks largely to its expanding Bristol operations and award- funding and peer-to-peer lending. Lloyds Bank in Bristol winning ‘Rome’ mortgage application system” says Mike Joyce, There are new entrants coming to the Lloyds Bank opened its Bristol office in 1990 Consumer Banking Director, Bank of Ireland UK. market such as Santander, Metro Bank with staff numbers in the low hundreds. The 2019 and Triodos Bank. Businesses can look number of employees has risen to more “People still want advice on That’s why we work hard on our than 3,700, and they undertake a wide beyond the traditional bank to find a huge mortgages because it’s likely to be relationships with mortgage advisors; we variety of functions including IT, branding range of options when looking to attract the largest financial commitment listen to them, finesse our processes and and marketing, group-wide operations, they will ever make. That’s why we ultimately deliver a better range of investment. property and change management. There work hard on our relationships with products for our customers. are plans to grow operations year on year. Organisations are also looking at how mortgage advisors; we listen to May We have also invested heavily in back- they can contribute to society, and in South West Facts them, finesse our processes and Bristol there’s a real sense of supporting ultimately deliver a better range of end systems, to make it easier for • Home to the University of Bath’s MBA brokers and customers to apply for the community in which we work. department which is ranked #1 in the UK products for our customers.” mortgages and get approved quickly for and features in the top 1% of the world’s This area can harness all these 1 20“Our business approach to the UK finance. Our new mortgage application business schools opportunities thanks to its people. We mortgage market is all about strategic system, ‘Rome,’ was developed in our •  Home to the CIMA Centre of Excellence at have a critical mass thanks to higher the University of Bath partnerships. These partnerships are Bristol offices as a multi-channel digital education: great graduates want to stay in vital for us in what is a very competitive application to help speed up the •  Home to the International Centre for the area. There’s a very close-knit marketplace, especially with the rise of approvals process; that’s important for Contemporary Accounting Research business community. All the major brands department at the University of challenger . We offer mortgages on clients who are time poor and want to be are here and ‘Magic circle’ specialists are Gloucestershire the High Street through a long-standing able to track progress. Brokers love it leaving London to set up here. partnership with the Post Office and and the system won ‘Best Use of IT in •  Home to the Financial Reporting and have recently established a partnership Retail Banking and Insurance’ at the FS People aren’t hamstrung in this region Business Communication Centre at the University of Bristol with the Automobile Association. We will Tech Awards 2016 and ‘Best Use of and it’s very vibrant. It’s down to be offering mortgages with the AA later Technology’ at the Mortgage Finance entrepreneurialism, creativity and a Key Areas of Strength in 2016 and this represents a first move Gazette Awards 2016. strong sense of community. (fDi Benchmarking 2016) for them into the UK mortgage market. •  Specialisation in financial services The South West is a real area of growth Bristol is one of the three to four sites Importantly, we also have relationships for us. We’ve increased the number of • SpecialisationWithdrawn in banking services that we have nationally. It’s been a big with around 50% of UK mortgage employees in Bristol by 35% in the last success story and Bristol has more than • Specialisation in accountancy intermediaries (brokers). People still 12 months (May 2015 to April 2016) in played its part.” • Employment in finance/business services want advice on mortgages because it’s response to changes in the mortgage likely to be the largest financial market and to support growth and commitment they will ever make. increased regulation. The UK mortgage 1EQUIS Quality Inspectorate market is still growing; for the Bank of 12 South West Financial Centre of Excellence gov.uk/ukti 13

Ireland Group as a whole, more than very popular here. Our links to the local 40% of loan assets are in the UK. Bank community are also very strong and this of Ireland has a long-standing mortgage tradition continues with our current tradition in the UK, thanks to its 1997 partnerships with Merchant’s Academy, purchase of the Bristol & West building TeachFirst and Barnardo’s, through society – itself in the region since 1850. which our employees give their time and BoI UK is an experienced and expert energy to support local children.” mortgage provider and right at the heart of the UK’s mortgage sector. BANK OF IRELAND, BRISTOL We have a well-established employee 2019 consultation programme in Bristol, engaging with staff on wider strategic efforts and business change. This helps us Bank of Ireland (UK) PLC is a subsidiary of attract and retain employees. Our Bristol the Bank of Ireland Group, a leading retail offices house our mortgage management bank in Ireland since 1783. Bank of Ireland team as well as a number of other key acquired the Bristol and West building May functions, including finance, legal, society in 1997 and now has an established customer services, marketing and treasury and growing presence in Bristol, focused on the city’s dynamic Temple Quay district. operations. There is a great talent pool in Bank of Ireland (UK) PLC offers products the area and we can offer opportunities 20 in the UK market that are regulated in across the whole mortgage field, from the same way as those offered by other financial advice and underwriting to UK-based providers. It is authorised by back-end processing and IT. the Prudential Regulation Authority and Green capital regulated by the Financial Conduct Authority Bristol has excellent higher education and the Prudential Regulation Authority facilities and our graduate programme is “With its ‘green capital’ credentials and bedrock of sustainable business, this region is the best place to build a company with soul” according to Charles Middleton, UK MD of pioneering ethical bank, Triodos.

“Bristol has everything you want Renewable energy, social care, from a city: access to four homelessness, people who are struggling HQ / Bank of Ireland UK’s Bristol Key partnerships / Exclusive financial base is the company’s headquarters services relationships with the Post Office and universities, great arts and culture. to sort themselves out: banks can help for its mortgage business the AA, offering mortgages, savings, credit cards, If you don’t want to live in a bland, find and finance solutions to these issues. personal loans and foreign exchange Withdrawn dull soulless place, Bristol has And at the same time we have had this everything you could hope for. It’s meltdown of the sector both in financial got real soul.” and cultural terms. The public is now saying ‘there’s a different way of doing “Sustainable banking has grown out of a things’. Using money more consciously 40% / Proportion of Bank of Ireland UK staff 76% / Increase in Bank of Ireland UK mortgage tremendous social and environmental and financing projects that have a based in Bristol (900 of 2,200 staff UK-wide) completions in 2015 awareness. positive social and environmental impact. 14 South West Financial Centre of Excellence gov.uk/ukti 15

At Triodos Bank, we’re really all about Company Overview trying to engage people to use their money more consciously and to finance projects that have a positive social and environmental impact. Triodos Bank, Bristol

Our head office is in the Netherlands, and Triodos Bank set up its UK head office in when we set up our UK HQ we looked at Bristol’s Clifton area in 1995, opening with 12 Birmingham, London and Bristol. We staff. The UK HQ now employs 120 co- chose Bristol because we realised it was a workers and offers a full range of ethical nice city, and well-served in terms of banking services to individuals, businesses 2019 routes to other places. There were several and charities. Products span savings and other banks with back-office operations, investments, ISAs, borrowing, corporate so if we needed people with banking finance and equity funds, and institutional experience they would be available. investment. The Bristol office looks after nearly 40,000 personal customers and It’s heartening to see so many like- 4,000 businesses across the UK. minded organisations here such as May South West Facts Sustrans, the Soil Association, the Centre for Sustainable Energy and Yeo Valley. • Home to Rathbone Greenbank Investments Bristol being awarded the title European 20 Green Capital, in 2015, has made a big • Home to first UK city granted European difference. More and more companies Green Capital (2015) are working to a sustainable agenda, • Global testbed for green technology and taking social and environmental impact smart cities into consideration as they shape their business models.

I think Bristol has worked really well for us. There’s been a great pool of people to draw on. There are a lot of people keen to move to Bristol: it’s been really good for attracting and holding on to people. Many companies have engaged with the green agenda and there’s a real feeling Withdrawn of commitment and motivation. The sector has built on itself and reached critical mass.” 16 South West Financial Centre of Excellence gov.uk/ukti 17

South West Companies No. South West Companies Company Skills 1 Allianz Insurance

2 Attivo Grou Financial Planning

27 3 Aviva Insurance 4 Bank of Ireland Banking 5 5 Bladeroom Holdings Ltd Cheltenham Financial Security

Cheltenham 6 Bright Side Insurance 7 Brunsdon Insurance Gloucester 2, 21, 35 7 11 8 Computer Share Investors Services Stokebroker 10, 17, 25 9 2019Coutts Management and Banking 10 Ecclesiastical Insurance Group Insurance

11 Endsleigh Insurance Services Ltd Insurance

12 Ascentric Investment Funds

33 13 Hargreaves Lansdown Pensions (SIPPs), Funds, Shares 32 28 23 May14 Help Hire HQ Insurance 15 Ibex Global Finance Technology

30 16 Investec Wealth Management

17 Liverpool Victoria Insurance 6 20 18 Lloyds Banking Group Banking 17 19 London Country Mortgages Banking 20 Mapfre Insurance Swindon 21 Marsh (formerly Jelf) Insurance and Finance

22 MMI Holdings (Blue Speck) Fin Tech Bristol 23 Money.co.uk Financial Advice 1, 3, 4, 9, 13, 24 NFU Insurance 8 Bath 25 NIG Insurance 16, 18, 20, 12, 14, 15, 26 Novia Asset Wealth Management 22, 24, 29, 19, 26 1 31, 34 27 Oberthur Technologies UK Limited Banking 28 Omega Resource Group Financial Recruitment

29 Parmenion Fin Tech Withdrawn 30 RAC Insurance 31 Asset Wealth Management and Banking

32 Simplicity Finance

33 St James Place Wealth Management

34 Triodos Bank Sustainable Banking

35 Vertex Group Financial Services 18 South West Financial Centre of Excellence gov.uk/ukti 19

So we’re looking for people with digital Company Overview experience and skills: the technology is changing so quickly and we need people who use it and understand it. But we also need people who understand our business — you can’t digitise something if you don’t understand what the product is.

And then there’s consolidation. We’re a general insurance and health business, as well as a life insurance 2019and pensions Aviva in the South West business, and there’s a real opportunity to bring together all the Aviva propositions. Aviva is the UK’s largest insurer, and its We’re trying to be a one-stop shop for all presence in Bristol & Bath dates back to the 1970s. The company now employs more our customers. than 2,000 people in the region, with Success in each of these areas depends on operations spanning corporate pensions, May finance and the customer services finding the right people. This region is a great department of its protection arm, which catchment area for recruitment: we have the deals with life insurance and critical illness universities, and there’s a very strong products. Other company-wide functions The policy people 20financial services footprint with specialist based here include HR, IT and change actuarial, IT and digital, and customer-facing management. skills such as marketing. We’ve always had “Shifting demographics and technology are shaking up insurance, success in attracting people. South West Facts savings and investment. This region’s diverse workforce is leading We have chosen to locate slightly out of the • Centre of the insurance and pension sector the way” says Jo Cann, Aviva’s Director of Change. city centre and our staff have good on-site in the South West (City of London 2013) facilities such as shops, free parking and free • Home to the internationally acclaimed “It’s about having the right services The number of over 65s in the UK is going bus services. It’s all part of the employee Centre for Strategic Risk and Insurance at and staff to care for the customer. to increase by 50 per cent over the next 20 proposition which includes working in the the University of Bath We encourage diversity as an years and we will soon have more people in community and with charities. employer, particularly in our contact retirement than working. This requires us to • Home to the Weston College Law and Professional Services Academy, a unique centres. In this region we can find be more innovative in our propositions I would say for employers that the area is a flagship enterprise skilled staff who really understand around health and retirement and help very good location; easy to access and in a great part of the country. For employees, the business and the needs of customers transition into ‘flexi-retirement’. • Home to the Insurance Institute of Bristol, Withdrawn Bristol & Bath are fantastic cities, with lots customers.” the UK’s largest insurance professional Digital is a key trend impacting our business to do. It’s a great area to set up, recruit staff network “In our sector there are three key trends: an and our clients. One of our strategies is and build a successful business.” aging population, digitisation and the ‘digital first’ and we are looking at how we consolidation of services. can provide more services and build customer journeys online and on mobile. 20 South West Financial Centre of Excellence gov.uk/ukti 21

The Bristol & Bath area is quite a hub for Company Overview these developments, with a fantastic range of people creating software for financial Levitas in the West services firms. Financial consultant Craig Knight joined the For example, private investor platform directors of Aspira, a workplace pension Hargreaves Lansdown is one of the advice specialist, to set up investment firm region’s biggest success stories. Levitas in 2012. Two years later, the Investment products are incredibly company was acquired in a deal worth up to complex, but it’s doing a great job in the £24m by national asset management group ‘direct to consumer’ market,2019 creating an Brooks Macdonald. Knight has been online supermarket of investment funds retained as MD of Levitas, which currently manages £135m in two investment funds and services. They have absolutely led the that provide a leading-edge proposition for development of the marketplace. group pension employees and employers. The region’s success in wealth management South West Facts lies inMay the sheer size of the catchment area and the quality of its people. • Home to global players including Healthy wealth management The region’s conurbation is the gateway to Hargreaves Lansdown, Novia and St James Place the South West and is the capital of a 20market reaching west to South Wales, north • Ranked 5th in Europe for portfolio “Widening consumer choice, changing customer habits and the to Birmingham, east to Reading and London management/analyst careers (University increasing costs of administering guidance are driving sweeping changes and south to the coast. of Bristol) (eVestment 2014) in wealth management. This region sits at the epicentre of the revolution” Education is excellent: the region’s • Ranked 7th for investor relations and 10th says Craig Knight, MD of investment business Levitas. universities are producing a ready supply of for strategists and economists in Europe well-trained people. The transport links here (University of Bristol) (eVestment 2014) “In the South West you get the best The financial services industry has to adapt are stunning too as it’s a motorway hub, a rail hub and there’s a major international airport. • Home of the Chartered Institute for of both worlds: that ‘big city’ and solve this problem. It also has to adapt Securities and Investment, the most widely cultural feel without the crowds to changing consumer habits: many As a result, fund and discretionary respected body for the securities and and a quality of life that’s so much customers want to see a convergence of management firms such as Brewin Dolphin, investments industry higher than elsewhere.” online and traditional face-to-face channels, Rathbones and Investec have set up here as where they can pick and choose their part of their national distribution strategy, “Government legislation in areas such as preferred communication method. pensions freedom is creating a greater while specialist financial services need among investors for advice, but at So we’reWithdrawn seeing a growth in technology administration businesses such as Novia the same time, regulation is forcing up the supporting these new ways of interaction, run their entire operations out of here. costs of administering guidance. The and the advent of automated Last, but not least, Bath has arguably the result is conflict: many people run the risk ‘robo-advice’ services. country’s best location for a rugby ground, of being unable to access the advice they right next to the river in the heart of this really need. beautiful UNESCO heritage city.” 22 South West Financial Centre of Excellence gov.uk/ukti 23

2006 St. James’s Place Capital becomes St. James’s Place 2009 In January, Halifax and Bank of Scotland merges with Lloyds TSB to create ‘Lloyds Banking Group plc’ 2013 Lloyds Banking Group disposes its remaining holding in St. James’s Place 2014 St. James’s Place entered the FTSE 100 and acquires The Henley Group, 2019 one of Asia’s leading wealth management advice companies. 2016 St. James’s Place acquires Rowan Dartington to create the group’s “The business started in Cirencester discretionary fund management and and has worked hard to remain in stockbroking arm. May the town. With the help of local Cyber Valley stakeholders and the town council Company Overview we are close to opening a brand 20 new building next to our existing St. James’s Place Wealth Management Cyber security companies are clustering in the west from Great Malvern offices. We have strong links with The St. James’s Place Wealth Management down to Bristol, creating a market worth an estimated £210m, where the local community and find the Group, head-quartered in Cirencester, GCHQ led, hundreds of entrepreneurs have gathered and a new £3m environment beneficial for staff Gloucestershire, started trading in 1992 and was listed on the in training and conference centre has been developed. retention and recruitment.” 1997. It is now a FTSE 100 company with says Colin Nelson, Client Acquisition over £58 billion of client funds under What is Cyber Valley? How did it all start? An area radiating from Great Malvern that The region’s surveillance roots date back to and Digital Marketing at St James’s management. The Group, through the St. James’s Place Partnership, its team of spreads into Gloucestershire and Bristol & World War II when the UK Government set Place Wealth Management. dedicated advisers, provides face-to-face Bath, and further afield into Herefordshire up a covert military radar research centre in wealth management advice to individuals, 1991 The St. James’s Place Group and Worcestershire. Malvern to help with the war effort. This trustees and businesses. established under the name of the sowed the seeds for organisations such as What’s so special about it? defence technology company QinetiQ — J. Rothschild Assurance Group The Group is currently undertaking the It’s home to a growing cluster of cyber development of a new office building to which has spread throughout the world and 1997 J. Rothschild Assurance Group Withdrawn security companies and suppliers, and is retains a Malvern campus — and complement its existing premises in now rated as the one of the best places undertakes a reverse takeover of St. James’s Cirencester. Of the 1388 people it employs, Government Communications in the UK to research, develop and Place Capital, and goes public placing it 733 are based in Cirencester with the Headquarters (GCHQ). within the FTSE 250 Index remainder working across the UK and parts commercialise cyber security products and services. 2000 Halifax Group plc and Bank of Scotland of Asia from offices in Hong Kong, Shanghai acquires 60% of the issued share capital and Singapore. 24 South West Financial Centre of Excellence gov.uk/ukti 25

Who’s here today? Company Overview More than 80 small cyber security companies cluster around Malvern, while Cyber centre there are firms spanning all sizes and specialisms across the region. International The £3m Berkeley Green Cyber Security companies here include BAE Systems, Training Centre and Conference Centre is a joint venture between the University of Symantec, IT and business process services Gloucestershire and South Gloucestershire company CGI and tech leaders Raytheon, and Stroud College with involvement of which employs 61,000 people world-wide. GCHQ and Raytheon amongst others. It will be a base for cyber security R&D, short Is every company in cyber security? 2019 courses, apprenticeships and graduate and As with all clusters, core founders quickly postgraduate degrees. attract associated skills and services. The Cyber Valley ecosystem is now home to engineering consultancy Frazer-Nash, risk management specialists Ascentor, data analysts Ripjar, recruitment firm InfoSec May People and many other associated specialists. Battling against cyber crime 20 80+

£3m invested in a new training 4th UK’s fourth most prominent firms in the Malvern Cyber and conference centre location for cyber security suppliers Security Cluster1 Connectivity

Planes, boats, buses, trains and bikes — the South West is home to an 500,000 integrated web of transport options for regional, national and international destinations.

Multinationals / BAE Systems, Niche players / GeoLang, Cyberis UK cyber crime engineers Bristol International Airport, the UK’s fastest The region is also a busy rail hub, with fast QinetiQ, MessageLabs and more and Ultra Electronics among needed by 2018 2 growing airport, now connects to more than connections to Manchester, Birmingham, many others Withdrawn 100+ destinations, whisking passengers Leeds, the South West and beyond. throughout the UK to Europe, the US, Electrification of the London line is slashing Canada, Africa and Egypt. journey times, putting the region just 78 minutes away from the capital and less than two hours to Canary Wharf. £27bn annual UK cost of 1 www.malvern-cybersecurity.com 2 3 Financial Times, 22 Sept 2013. Malvern Springs to forefront in fight against cyber crime. cyber crime 3 Financial Times, 22 Sept 2013. Malvern Springs to forefront in fight against cyber crime. 26 South West Financial Centre of Excellence gov.uk/ukti 27

Strong Links Edinburgh Distance City (Miles) Birmingham 94

Leeds 200

London 105

Leeds Manchester 160 2019Manchester 100+ / flights each day from 4 / major motorways offering Bristol International Airport direct links to London, Birmingham, Leeds and Manchester. May Birmingham London 20 Bristol

2019 / Crossrail improvements 70 mins / to London Connectivity bringing faster journey times from by train from 2017 Situated just 90 minutes from London, the South West offers highly competitive property prices and exceptional connectivity. Companies benefit from super-fast broadband, an Bristol to Canary Wharf expanding airport – currently connecting to more than 140 destinations around the world, a deep water port, a motorway hub and fast train links.

By Rail (From Bristol) By Air (From Bristol) Destination Frequency Duration Destination Frequency Duration Birmingham Twice Hourly 1hr 25min Frankfurt Daily 2hr 15min

Canary Wharf* Twice Hourly 1hr 40min Paris Daily 1hr 20min £2.8bn+ / investmentWithdrawn in Edinburgh Hourly 6hr Zurich Daily 1hr 20min electrifying the train line between Leeds Hourly 3hr 30min Hong Kong* Multiple Daily 11hr 20min the South West and London London Every 15mins 1hr 10min New York* Multiple Daily 9hr

* Manchester Hourly 2hr 50min Via Heathrow

*Post Electritication 28 South West Financial Centre of Excellence gov.uk/ukti 29

Why the South West?

No.1 / Bristol was rated top in Money UNESCO City / Bath is the only Work-life balance / fewer than one Super Market’s quality of life index city in the World with UNESCO in four people in the region work World Heritage City status 45+ hrs a week 2019

£18k+ / average disposable income Longer lives / life expectancy is 81 Green Capital / Bristol first city in per household, far higher than most for men and 85 for women, higher the UK to be European Green MayUK regions than national averages Capital in 2015

£ / Bristol has its own currency to Cycle hub / Bristol is the UK’s Creative hotspot / Home to Banksy, 20help build a stronger local economy first Cycling City Aardman Animations and BBC Natural History Production Leading Quality of Life Department

The South West consistently ranks high in the ‘Best quality of life’ polls, with affordable homes, abundant job opportunities, quality schools and access to the countryside and coast giving it an attractive edge over other locations. Heritage and entertainment are The natural environment is preserved with powerful draws: Bristol bristles with pride too: beyond urban ‘incredible edible’ trendy art spaces, interactive schemes are areas of outstanding natural exhibitions and a packed festival beauty dotting the Severn Estuary, the calendar, while Bath residents take Mendip Hills and into the Cotswolds. in neoclassical terraces, ancient Withdrawn Roman baths and boutique shops as Looking ahead, a ‘green’ infrastructure plan is part of daily life. cultivating community cohesion, health and the local economy: Bristol’s magnificently restored Queen Square, the idyllic Bath & Bristol Railway Path1 and a network of ‘green’

1 http://www.bristolbathrailwaypath.org.uk/home.shtml gyms give evidence of its success. ‘Luke Jerram’s slide’ courtesy of Jon Craig Photography 30 South West Financial Centre of Excellence gov.uk/ukti 31

Beyond a fast-growing financial services cluster, the area is also a hotbed of microelectronics, digital, aerospace, advanced engineering, creative and professional services firms.

Services available 2019

Planning / Bespoke research and Networks / Connections to supply Mayeconomic data to support your chains, councils, business services, location to the region suppliers and other key contacts Helping you succeed 20 in the South West

Working in partnership with UKTI, specialist investment services, Invest Bristol & Bath and GFirst, are dedicated to bringing companies like yours Property / Helping you find the Staff / Making it easy to relocate, right property and location recruit, train and develop to the South West. high-quality staff

Their job is to help you succeed and grow in “We are proud to promote one of the UK’s this region’s thriving economy. highest performing ‘core city’ regions — home to one of the UK’s highest number of Their experienced and knowledgeable team entrepreneurs per capita and a highly offers a full range of services spanning skilled, diverseWithdrawn workforce”. sector-specific insight and analysis; Matt Cross, Head of Inward Investment, introductions to vital networks, funding and Invest Bristol & Bath incentives, and guidance on property, personnel and growth strategies. Growth / Enabling your business to Finance / Introductions to grow cost-effectively incentives and other financial support packages 32 South West Financial Centre of Excellence gov.uk/ukti 33

2019

May 20

Withdrawn 34 South West Financial Centre of Excellence

Notes

2019

May 20

Withdrawn gov.uk/ukti 2019 UKTI UK Trade & Investment is the Government Department that helps UK-based companies succeed in the global economy. We also help overseas companies bring their high-quality investment to the UK’s dynamic economy, acknowledged as Europe’s best place from which to succeed in global business. Disclaimer Whereas every effort has been made to ensure that the information May in this document is accurate, neither UK Trade & Investment nor its parent Departments (the Department for Business, Innovation and Skills, and the Foreign and Commonwealth Office) accept liability for any errors, omissions or misleading statements, and no warranty is Image Credits given or responsibility accepted as to the standing of any20 individual, firm, company or other organisation mentioned. Front cover Courtesy of 24 hours in Bristol, © Crown Copyright 2016 copyright Darrell Jordan This publication is licensed under the terms of the Open Government Onshore Magnet Licence v3.0 except where otherwise stated. To view this licence, Courtesy of Engine Shed, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 copyright Andre Pattenden or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. Green Capital Courtesy of Bristol Temple Quarter Where we have identified any third party copyright information you will Enterprise Zone need to obtain permission from the copyright holders concerned. Future Fintech This publication is available at gov.uk/ukti Venturefest courtesy of Invest Bristol & Bath Any enquiries regarding this publication should be sent to us at The Policy People [email protected] or telephone +44 (0)20 7215 5000. Courtesy of Bristol Temple Quarter Production Enterprise Zone TheWithdrawn paper in this document is made from 50 percent recycled waste pulp Quality of Life with 50 percent pulp from well-managed forests. This is a combination of Holburne Museum copyright Totally Chlorine Free and Elemental Chlorine Free. The inks are vegetable iStockPhotos oil-based and contain resins from plants/trees. Luke Jerram’s Slide, copyright Jon Craig Photography Helping you Succeed Published July 2016 Courtesy of Bristol Temple Quarter by UK Trade & Investment Enterprise Zone