- Associated Press - Tuesday, September 20, 2011

LONDON (AP) - Barclays PLC says its title sponsorship of the Scottish Open has ended after 10 years because of “market factors.”

But Tim Peat of Barclays Capital, the bank’s investment banking arm, insists it will maintain “a significant presence in professional golf.”

The bank sponsors The Barclays in the United States and the Singapore Open, but won’t be backing any events in Europe.

Barclays Capital managing director Peat says the company made the decision “reluctantly based on current market factors.”

Next year’s Scottish Open at Castle Stuart will be the 30th anniversary event.

European Tour chief executive George O’Grady says “we look forward to securing the future of the Scottish Open with a new sponsor.”