Alliance Trust has begun to implement plans to relocate parts of the business to England, amid growing uncertainty caused by the upcoming referendum on Scottish independence.
With the vote taking place later this year, the business - one of the country's largest investment trusts - announced in its full year results it had started to take action now in the event a "yes" vote was carried.
Alliance Trust chief executive Katherine Garrett-Cox (pictured) said 2014 was an "important year for Scotland".
"The referendum in September is creating uncertainty for our customers and our business, which we have a responsibility to address.
"Regardless of the outcome it is critical that we are able to provide continuity of service and protection for their investments and savings. To give them full confidence, we have started work to establish additional companies registered in England, in order to provide operational flexibility and to complement our existing business in Scotland."
The group has not moved any operations out of Scotland but is preparing new businesses south of the border in case it has to make changes following the vote later this year.
It follows similar plans announced by insurer Standard Life last week.
The investment firm also said it had started to "reap the rewards" of changes made at Alliance Trust.
The group's NAV rose 18.4% in the last year, while its share price climbed 22.7%, outperforming the benchmark MSCI ACWI Total Return of 21.1%.
The trust's discount also narrowed from below 14% to 12.9%, as its policy of share buybacks continues. Alliance Trust said it had bought back 1.485m shares representing 0.3% of the company's share capital, at a total cost of £6.7m and a weighted average discount of 13.4%.
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