Glasgow Investment in Healthcare Technology
£20 million investment in healthcare technology to bring jobs to Glasgow.
20:20 22 September 2018
Glasgow City Council is expecting an influx of new jobs after Strathclyde Pension Fund (SPS) has confirmed investment in companies specialising in healthcare technology.
SPS, which is responsible for the management of the retirement savings of Glasgow City Council’s staff and neighbouring local authorities in west of Scotland, hopes the investment will attract US firms specialising in the development of innovative diagnostic, treatment or monitoring technologies for the healthcare industry to either relocate or open new bases in the Scotland and Glasgow area.
SPF approved the £20million investment in the Par Equity HealthTech Fund, which has a substantial experience in science, medical, engineering and commercial sectors. It has been working with companies in the development of their product, gaining regulatory approval and bringing it to the market.
Chair of the pension fund and city treasurer Councillor Allan Gow said: “This is a great opportunity – for the fund and its members, but also for Glasgow and the whole city region.
“We’re going to see members’ savings working hard for them and their retirements, but also creating skilled jobs on their doorstep.”
He added: “A large, diverse fund like ours has investments all over the world – and I’ve no doubt many of them seem remote to members, whether they are paying in every four weeks, or already drawing their pension.
“This is different. It is an investment in their own future, but also an investment in the communities where they live and work.”
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