(Credit: Timon - stock.adobe.com)

Originally scheduled for autumn 2023, the move to the 280,000 sq ft Norman Foster-designed Haymarket development was postponed to late 2024 and is now targeted for the second quarter of 2025.

A reported building issue during winter 2024-25 has slowed progress, with Baillie Gifford taking ownership in July 2025 and commencing internal fit-out. Chief executive Tim Campbell told the Financial Times the transition has taken longer than anticipated.

This delay compounds a challenging period for the firm, which manages the Scottish Mortgage Investment Trust. Assets under management have dropped from a peak of £336 billion in 2021 to approximately £210bn. The firm has also recently faced pressure from US activist hedge fund Saba Capital regarding the governance and strategy of a number of its trusts.

Baillie Gifford’s global workforce is now around 1,626, down from peak of 1,830 in 2024. When the 20-year lease was signed in 2020, the move was touted as a sign of confidence intended to bring all Edinburgh-based staff under one roof.

The firm has said it plans to sublet excess space in the new building. Until the fit-out is complete, Edinburgh staff will remain at their current Calton Square offices.

Update: The article has been updated to correct inaccuracies regarding spatial requirement changes, of which there have been none, and construction delay(s) during “recent winter”, corrected to “winter 2024-25”.