US Export Plan - Sector Report - Financial and BS

Key subsectors of focus for the US market

The key subsectors of focus linking to Scotland's financial services expertise include asset management and servicing, banking, insurance, professional services, cyber security, data AI and blockchain, fintech, and wider relevant technology.^[17]

Scotland’s asset management sector is globally recognised for its expertise, long heritage in the sector, and strong institutional credibility, qualities that align well with parts of the US market. Scotland’s asset managers employ more than 13,000 people, with Edinburgh being the largest asset management centre in the UK outside London, and over £500 billion in assets being managed in Scotland.^[18] The asset management industry is increasingly well-positioned to leverage advanced AI capabilities for better investment insights and transforming operational models for greater efficiency, setting them further ahead of the curve.^[19] Asset management is also a core subsector of the US financial services industry, both in terms of scale and strategic importance given that it underpins capital markets, institutional investment and wealth management. The US asset management market is huge, valued at $63.28 trillion in 2025, with forecasts to reach $112.17 trillion by 2030.^[20] The US is also home to the world’s largest and most liquid financial markets with asset managers like BlackRock, Vanguard, Fidelity, and State Street dominating on a global level.

Scotland’s banking sector is disproportionately large relative to its economy, with banking assets estimated at over 1,250% of Scottish GDP, compared to around 492% of UK GDP.^[21] This reflects the presence of major banks headquartered or historically rooted in Scotland, such as Royal Bank of Scotland (NatWest Group) and Bank of Scotland (Lloyds Banking Group). The US has a strong appetite for importing banking and financial services from international providers, and foreign banks often establish US affiliates to provide trade finance, lending, and payment services. The USITC’s 2024 report covers banking in its overview of US cross-border financial services, explicitly including trade finance and correspondent banking from foreign providers.^[22] The Scottish presence in the banking sector in the USA includes a number of banking groups who have operations there, many in New York, focusing on corporate and institutional clients, and providing transaction banking, debt financing, capital markets, and risk management services.

According to the ONS, the UK insurance industry (which includes insurance, reinsurance, and pension funding) employed over 300,000 people nationally in 2024, with revenues of almost £240 billion, with Scotland accounting for a significant share, in part due to Glasgow’s insurance cluster.^[23] Several global insurers have established operations in Glasgow, including AXA, Zurich Insurance, and Circle Insurance, alongside major financial institutions like JP Morgan, Barclays, and Morgan Stanley. These firms are part of Glasgow’s International Financial Services District (IFSD), which has become a thriving centre for insurance and financial services. The US insurance industry is worth over $1.4 trillion in net premiums written, with approximately 4,700 insurance companies across the country employing over 3 million individuals.^[24] The US imported $8.5 billion of insurance services in the year to September 2025, a significant increase from a low of $3.5 billion in 2018.^[25] While the insurance market in the US is complex for overseas entrants, for those with exportable products, services or technology, it is a growing market that offers significant scale.

According to the Scottish Annual Business Statistics (2022), Scotland’s non‑financial services sector had an approximate Gross Value Added (GVA) of £124.7 billion.^[26] There are opportunities across a wide range of business services in the US, from accountancy, legal services, management consultancy, market research and recruitment to name but a few. The US accounting services sector is a large, mature industry that as of 2025, generated around $145 billion in annual revenue, supported by roughly 88,000 firms ranging from solo practitioners to global giants.^[27] Growth in the sector has been modest (around 0.2% CAGR over five years), but demand remains strong due to regulatory complexity, private investment, and evolving business needs. The US legal services sector is one of the largest and most influential professional service industries globally. It generated approximately $396.8 billion in revenue in 2024, with expectations for CAGR through to 2034 of around 4.8%.^[28] Bilateral activity includes major international firms with offices in both markets as well as prominent domestic Scottish firms helping clients with cross border activity. Technology is reshaping many business services industries, and firms are investing heavily in AI, automation, and cloud platforms to address labour shortages and improve efficiency. This will increasingly impact how cross border services are delivered as well.

Developing aligned technology areas, including cyber security, data, AI, blockchain, fintech, and wider relevant technology are also key areas of opportunity in this sector, and US financial services firms are major global buyers of such services. Political and market changes in the US have also created greater opportunities in digital finance and cryptocurrency. Regulatory shifts in 2025 see banks engaging more in crypto-related activities and these developments signal a new era where traditional banking and digital assets converge, creating opportunities for innovation in payments, custody services, and decentralised finance.

Another subsector worth highlighting is green and sustainable financial services, an area receiving increasing focus and investment in Scotland. The region recognises the significant opportunity to encourage and fund profitable green investments. The Scottish taskforce created around promoting this focus on four strategic priorities including a robust policy framework, promotion of Scotland as a green and sustainable financial centre, delivery of a pipeline of investable green projects, and the upskilling of financial services professionals in Scotland.^[29] In the US, $6.6 trillion in US assets are explicitly marketed as ESG or sustainability-focused in 2025/26, which accounts for 11% of all assets under management (AUM).^[30] Most investors remain committed to sustainability for the long term, particularly with younger demographics. A smaller segment continues to show hesitancy, influenced by political pushback in certain states and concerns around greenwashing and increased regulatory scrutiny.^[31] Overall, however, the outlook remains positive, with California being one of the most influential sustainable finance markets in the US.