Globe and Mail – Citco Group Ltd., one of the world’s largest hedge fund administrators, will announce today it is opening an office in Halifax with plans to eventually employ about 350 people.
The operation will include the fund administrator’s North American training centre, the Bermuda-based company is expected to say. A person familiar with the situation said the average salary at the Halifax office would be “just shy of double the local average” of about $28,000 a year.
Citco is the latest Bermudan financial company to announce it is opening an office in Halifax, taking advantage of the ample university-educated work force and costs lower than those found in Bermuda.
Last Wednesday, Bermuda-based Bank of N.T. Butterfield & Sons Ltd. said its fund services unit would hire about 400 people in Halifax within the next seven years. And last year, fixed-income fund manager West End Capital Management agreed to locate 75 positions in Halifax.
