“Our academics have expert knowledge of how the various markets and practices work, but don’t directly work in them. We’re able to question and hopefully point the way towards more ethical practice.”

Along with investigating trends and conducting research the hub also plans to provide a range of executive level training courses in ethical finance.

Graham Burnside, consultant at law firm Shepherd and Wedderburn and chairman of the SEFH steering group, said: “In the coming months we’ll be focusing on what ethical finance in Scotland can and should involve, and how we can link in with international markets.

“Ethical finance is a rapidly growing segment of the financial services sector and there’s huge opportunity for Scotland to build on its distinguished heritage.

“The Hub can be an excellent channel to further this agenda and promote Scotland as a key global centre in this developing field.”