A Scottish institutional equity manager owned by Bank of New York Mellon made a payment of nearly £25 million to UK tax authorities last year and booked an overall £75 million in administrative costs in 2014 in relation to potential tax liabilities on overseas funds.

Edinburgh-based Walter Scott & Partners, founded in 1983, pioneered global equity management in the UK. The firm was acquired in 2006 by Mellon Financial Corp, which merged with Bank of New York Company in July the following year.