Financial jobs coming to Halifax
Nova Scotia has beat out Toronto, Montreal and a few cities from the eastern United States in a bid to bring as many as 175 financial sector jobs to Halifax.
Canover Watson, of Admiral Administration, praised Nova Scotia Business Inc. in a news release.
"We felt special. You know NSBI went the extra mile and did what we felt was necessary to make it an easy transition, " he said.
The province announced Wednesday that Admiral Administration, based in the Cayman Islands, has already hired nine people for their new Halifax office.
The province, through NSBI, has committed up to $2.2 million in payroll rebates.
Watson said the payroll rebate was not the main factor in the decision to come to Halifax, "The driving factors for us was really the access to labour, the talent pool that's available here at a competitive cost, those are the drivers. We'll be looking at long-term growth, being able to grow to 100, 150, 200 people here in Halifax."
A hedge fund is an investment fund which offers a wider variety of investment and trading activities, but is only open for investment from regulator-approved investors.
On its website, Admiral Administration describes itself as a global hedge fund administration leader with offices in the Cayman Islands, Ireland and the United States and net assets totaling $19 billion US.
Admiral Administration employs a range of people including chartered accountants and IT professionals.
In the past few years, Halifax has attracted a number of financial companies to the province including Citco Group, Marsh Captive Solutions.
"By many measures Halifax would be considered the fastest growing hedge fund administration centre in Canada recently, as existing administrators expand their Halifax operations and new entrants establish them," said Peter Hayes, partner, national director, Alternative Investments Practice, KPMG Canada.