J.P. Morgan & Co. said it will set up a software engineering center in Glasgow, Scotland.

The $11.6 million Applications Development Center, employing 300 software engineers, will design and develop systems to support European operations.

Announcing the plans Wednesday, Mark Coughlan, chief information officer for J.P. Morgan in Europe, said: "Scotland has a mature IT infrastructure and a rich supply of high-quality technology professionals."

He said that by "offering exciting jobs which combine the best of both investment banking and software house cultures we can provide an excellent quality of life for our staff and create value for our shareholders."

The project was won for Scotland by Locate in Scotland, the Joint Scottish Office/Scottish Enterprise investment agency, working in partnership with the Glasgow Development Agency.

Britain's secretary of state for Scotland, Donald Dewar, who is in charge of the Labor Party's campaign in Scotland, said he was "delighted by this decision, which follows my visit to the United States a few weeks ago, when I met senior management from J.P. Morgan at its headquarters in New York to press the case for Glasgow."

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