The asset management arm of the UK's Old Mutual Wealth is establishing a presence in Scotland.

Old Mutual Global Investors is to open an office in Edinburgh - its first in Scotland.

The asset manager’s new Edinburgh team will include the firm's head of international distribution, Allan MacLeod, and sales representatives who cover Scotland. It will also include Ignis's ex-head of rates, Russ Oxley, along with his rates and liability driven investment team, who have a dual location arrangement.

“This is an important step for our business, one that demonstrates our commitment to our Scottish client base. Being based in Charlotte Square is also important as it ensures that we are at the heart of the Edinburgh financial services industry,” said OMGI's chief executive, Julian Ide.

The new office will be located at number 10 Charlotte Square. Old Mutual Global Investors has £21 billion ($32.6 billion) in assets under management.