Scotland is facing a North Sea oil crisis and has a spending deficit of £15billion
Mihir Kapadia cited the North Sea crisis and the country's annual public spending deficit of £15billion in a warning to investors.
His comments came ahead of a major economists' report highlighting the country's economy will continue to lag behind the UK.
The Fraser of Allander Institute (FAI) forecast recovery will continue this year but warned Brexit uncertainity and the threat of another referendum will slow growth.
It largely blamed the downturn in the oil and gas industry for the country trailing behind.
It is going to be a hard battle ahead if Scotland falls for populism under SNP
Mihir Kapadia – Sun Global Investments
Meanwhile, Mr Kapadia, chief executive of the fund manager Sun Global Investments, said the triggering of Article 50 and possibilty of a second independence poll represented a "dual threat" to the UK and sterling.
He said: "From a rational point of view, the major issue surrounding the call for Scottish independence, is an economic catastrophe threating Scotland."
Highligting the collapse in oil prices he added: "This has undermined the economic prowess of Scotland which currently has a deficit of £15bn or 9.5 per cent of GDP, which would be the highest in the EU.
Scotland is facing a crisis in in the oil and gas industry
"It is going to be a hard battle ahead if Scotland falls for populism under SNP."
The FAI said in the three months to September 2016, Scotland's economy grew by 0.2 per cent compared to 0.6 per cent for the UK.
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On annual basis this is 0.7 per cent north of the Border and 2.2 per cent for the UK.
Its latest forecasts show Scottish growth at 1.2 per cent in 2017, 1.3 per cent in 2018 and 1.4 per cent in 2019, similar to figures published in December.
Theresa May is expected to trigger Article 50 by the end of the month All the best pictures from the Scotland Referendum Sun, March 5, 2017
More than 3.6m people turned out to vote in the Scottish independent referendum, resulting in a 'No' vote with 55.3%.Here we take a look at the public's reaction.
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Pro-Independence supporters are pictured in Edinburgh, Scotland, on September 19, 2014, as referendum results are announced. Scotland appeared set to reject independence on Friday with 23 out of 32 voting areas declared and the crucial Glasgow region having given its result
The report found in the 10 years since the start of the financial crisis, the Scottish economy has grown by an average of just 0.7 per cent each year – less than a third of its long-term trend, squeezing household income despite unemployment rates at near record lows of 4.7 per cent.
FAI director Graeme Roy said: "Irrespective of your views over the long-term benefits of Brexit or independence, the increase in uncertainty caused by the triggering of Article 50 and the prospects of a second independence referendum will act as a headwind for many businesses.
"Just as it is the responsibility of the UK Government to provide clarity and reassurance wherever possible through the Brexit process, it is incumbent on the Scottish Government to do likewise around independence and to re-double their efforts to support the Scottish economy through these unprecedented times."