HALIFAX, Nova Scotia, April 18, 2012 /PRNewswire/ -- Nova Scotia Business Inc., the province's private-sector-led business development agency, today announced that Admiral Administration Ltd. made a key strategic decision to select Nova Scotia as its primary center for middle and back office operations in an effort to support future growth of the fund administrator worldwide. This expansion continues the momentum of Nova Scotia as being the fastest growing hedge fund administration center in Canada.
"Most people would be surprised to learn that Canada has always had a well-established hedge fund administration industry, dating back to the 1990s. The industry in Canada has experienced considerable growth in the past five years or so as existing organizations expanded their Canada footprint and other global organizations opened offices," said Peter Hayes, Partner National Director, Alternative Investments Practice, KPMG Canada. "By many measures Halifax would be considered the fastest growing hedge fund administration center in Canada most recently, as existing administrators expand their Halifax operations and new entrants establish them. Based on my experience, the administrators that have chosen Halifax would consider the relatively high quality of employees they've been able to source and the cost effectiveness of the jurisdiction compared to the more traditional hedge fund servicing centres as strong factors in favour of the city."
Nova Scotia is an attractive location for fund administrators looking to expand their global footprint. Nova Scotia is a global center for financial services middle and back office operations having attracted some of the largest financial services companies in the world including Citco Fund Services, Flagstone Reinsurance, Butterfield Fulcrum and Marsh Captive Solutions.
"Nova Scotia is a great solution for global financial services companies looking to expand," said Stephen Lund, President and CEO of Nova Scotia Business Inc. "In 2006, we identified this sector as a key growth opportunity for Nova Scotia. We continue to build on our momentum and remain focused on targeting high-quality companies that will bring value to the financial services sector. Today, we're proud to welcome Admiral Administration to Nova Scotia."
Admiral Administration, an award-winning global hedge fund administrator with offices in the Cayman Islands, Ireland and the United States that administers more than 200 funds totaling approximately $20 billion in net assets, announced they are expanding to Nova Scotia.
"I knew the next step for Admiral Administration was to expand our global footprint. When Nova Scotia Business Inc. approached us, we realized Nova Scotia was the right competitive jurisdiction for us," said Canover Watson, Managing Director, Admiral Administration. "Nova Scotia offers a great location, competitive costs and talented labor. It is the perfect fit."
Nova Scotia offers a cost competitive solution for companies. In KPMG's Competitive Alternatives 2012 report released last month, Halifax ranked number one out of all Canadian and U.S. cities surveyed for lowest business operating costs in the International Financial Services sector.
Nova Scotia, Canada's university capital, is home to 11 universities and a thriving community college with 13 campuses. Talented graduates from these award winning institutions are succeeding with international financial services companies in Nova Scotia. With Nova Scotia's increased emphasis on partnerships between the educational institutions and industry, graduates are receiving the specialized skills required by the financial services sector.
About Nova Scotia Business Inc.
Nova Scotia Business Inc. is the province's private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. For more information, visit www.nsbi.ca and follow online at www.nsbi.ca/connect. For more information on Nova Scotia's financial services sector please visit http://www.novascotiabusiness.com/en/home/newsevents/FS-Sector-background.aspx
About Admiral Administration Ltd.
Admiral Administration, founded in 1996, is an award winning administrator with offices in the Cayman Islands, Ireland and the United States, Admiral serves over 200 funds with assets under administration in excess of approximately US$20 billion. Admiral combines cutting-edge technology and highly skilled staff to provide clients with a comprehensive suite of administration services to meet the specific needs of alternative investment funds.
Nova Scotia Business Inc.
SOURCE Nova Scotia Business Inc.