Scottish independence: Scottish shares underperform the rest of the market

Several investment trusts make the list, including Alliance Trust and Scottish Mortgage, but other familiar names feature, such as energy firm SSE and Weir Group, an engineering business.

“We have examined the implications of a ‘yes’ vote for Scottish companies and investors, including issues of currency, taxation, EU membership, and regulation,” said Mr Marsh.

“We believe that investors in Scotsie 100 stocks should not be unduly concerned, nor should they be making contingency plans to rebalance their portfolios.

“To some extent, they are protected by the fact that both companies and individuals can re-domicile if necessary. There would also be a period of at least 18 months during which the terms of separation are negotiated. They can afford to wait and see.”

The report added that if financial shares – such as Royal Bank of Scotland – were excluded, Scottish shares would have beaten the rest of the UK by a small margin.

If Scotland does vote "Yes" and create its own stock exchange it would be the first time in more than 40 years that the country had had its own index. The Glasgow stock exchange was founded in the 19th century, but was merged into the London Stock Exchange in 1973.

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