ChronicleHerald.ca – Nova Scotia’s well-educated workforce and its relatively low costs keep attracting financial services companies to the province.
Hot on the heels of last week’s announcement that Butterfield Fund Services of Bermuda is opening an office in Halifax comes news that global hedge fund giant Citco Fund Services is setting up shop in Halifax in early 2007.
Citco, which administers $400 billion US in net assets through a network of more than 60 offices worldwide, will get up to $7 million in payroll rebates from the province if it creates up to 350 jobs over seven years.
The company, which has 350 employees in Toronto, also plans to open a North American training centre in Halifax.
Butterfield manages $65 billion US in hedge fund and mutual fund assets.
The company said last week it was attracted by the province’s many post-secondary education institutions and its lower labour costs. It will receive $9.1 million in provincial payroll rebates if it creates 400 jobs over seven years.
Citco officials said the Halifax office will accelerate the firm’s expansion in Canada.
