Sector Overviews

There are over 150 accountancy firms operating in Leeds and offices of all the majors, including most of the top 20 largest UK accounting practices. In addition to the major firms which provide a broad range of services from audit to corporate finance, there are many long established smaller practices which service private clients and the large number of small to medium size businesses in the region. This gives Leeds a unique position of applying local knowledge to enable business to grow on a global scale. The proximity of Leeds to other northern cities allows it to act as a hub for accountancy firms whose networks expand well beyond the city itself.

Over 30 national and international banks are represented in Leeds and many have their regional or northern centres in the city. The Bank of England has an Agency here and its only note issuing centre outside London in Leeds. First Direct is headquartered here and Leeds is home to Yorkshire Bank and large operations of HBOS and all the main clearing banks, plus the city is well served in both private and investment banking sectors and a growing number of foreign banks. The geographic location of these banks in the heart of Leeds financial district give the ideal environment for interaction with the community they serve. The sector is complemented by the strong banking departments of local law firms.(See under Legal Services)

Leeds has many education facilities providing all aspects of both professional and vocational training. These facilities are provided through specialist tailored courses as well as longer duration academic based courses.

The thriving business community in Leeds is well supported by firms providing corporate finance. The varied and dynamic nature of the firms in Leeds mean that all corporate finance needs can be catered for be it debt or equity capital.

The growing strength and diversity of the city’s financial services have encouraged other providers to set up or expand in the city so that now a full range of corporate and personal services is available. These cover fund management, pension and independent financial advisers, specialists in a wide variety of fields including recovery, market intelligence, financial IT services, regulatory and security matters, patent and trademark areas and financial public relations.

Leeds and the city region has for many years been an important UK centre for insurance outside London. All aspects of insurance are represented in depth, including commercial and personal underwriting, claims handling, pensions fraud investigation, loss adjusting and insurance broking and many established independent financial advisors. It is major centre for non-life insurance and for 'direct' sold insurance with the head office of UKI Partnerships and major operations for Direct Line, Privilege Insurance and Halifax Insurance Services.

With a variety of smaller specialised firms standing shoulder to shoulder with global industry leaders, the Leeds financial services infrastructure can facilitate all aspects of investment and wealth management. SEE ALSO LISTINGS UNDER STOCKBROKING AND ADVISORY SERVICES.

It is the number of large corporate law firms and the depth of their service and expertise that makes Leeds the largest and strongest law centre outside London. The majority of the top law firms outside London are based in the city and they have established offices in other cities including London, handling work all over the UK and abroad. Five of the &ksquo;Big Six’ Leeds law firms, which together employ over 2000 people, now have national and international operations. Together with the many medium-sized firms and smaller specialist practices Leeds lawyers provide the widest range of services to a very high standard and have established a formidable reputation in the country. In the industry guide, LEGAL 500, Leeds is described as second only to London for legal services.

Leeds has a wealth of experience in PPP. Leeds advisors have built up a body of expertise in PPP and related PFI work which is second only to London. Many of the professional firms and financial institutions have worked across the UK and Internationally on PPP/PFI projects. Leeds professional firms were involved in some of the first pathfinder PFI schemes and did some of the pioneering work in this field. Now they are involved in a wide variety of PPP projects covering health and education services, transport infrastructure, waste management and IT outsourcing. These include a wide range of projects from the small to the very large. The scope of their expertise and accompanying profiles of Leeds advisors in this field are contained in a separate document.

Leeds is currently enjoying a massive regeneration, both in the city centre and the surrounding areas. In the city centre there has been extensive investment in city living property and office space in prime locations. Over £5bn has been invested in recent years with a further £3.7bn in the pipeline. This has helped Leeds financial services thrive due to the increased business generated as well as providing for the workforce. Companies with a particular interest and expertise - nationally and internationally are detailed below. Leeds has particularly strong expertise in the related area of PPP and PFI projects - see the separate section for specialist advisers in this area.

On the back of a very buoyant employment market which has seen jobs in financial and business services grow to over 100,000 in Leeds there is a large choice of recruitment and search and selection firms ranging form the general to those specialising in senior positions. Because of the critical mass in the market, local employers can attract high quality candidates who can see that the market offers good career prospects.

Stock broking is one of the other success stories in Leeds and the city is a major centre for handling share dealing, particularly for private investors. The number of stock broking firms is significant and the provision of services has expanded rapidly to encompass everything from execution-only dealing through to corporate and institutional broking and investment management. There is a corporate broking sector which services demand from companies all over the country who previously would have looked to London. The private client sector has also expanded rapidly offering dealing service and investment advice and several national execution only operators are based locally.

The city is an important centre for both the region and the North of England for equity, venture and risk finance for business. Founded in Leeds, the venture capital provider, YFM, is now the UK’s largest provider of risk capital to small and medium sized enterprises. SEE ALSO UNDER BANKING