Glasgow is aiming to attract high-tech American companies to the city with a £20m investment from the pension fund for council staff.

Strathclyde Pension Fund, which manages retirement savings for thousands of staff at Glasgow City Council and neighbouring authorities, has agreed the investment in companies developing innovative medical technology.

The fund's managers say the move will create jobs in the region and provide a good return on investment.

They say it will give US companies access to the CE mark process used in the UK and across the European Economic Area which is viewed as more predictable than the American system.

Allan Gow, Glasgow city treasurer and chair of the fund, said the priority was securing a return for savers but there were also benefits for the city.

He said: 'This is a great opportunity for the fund and its members but also for Glasgow and the whole city region.

'We’re going to see members’ savings working hard for them and their retirements, but also creating skilled jobs on their doorstep.'