Nova Scotia Financial Services Sector — Background

Sector Highlights


Nova Scotia is a Global Financial Centre for Shared Services, Middle and Back Operations.


Nova Scotia Business Inc. (NSBI) has attracted some of the largest financial services companies in the world including Citco Fund Services, Marsh Captive Solutions, Butterfield Fulcrum, Castle Hall Alternatives and Admiral Insurance.


The growth of Nova Scotia’s financial services industry is rooted in the province’s inherent advantages including proximity to major financial centres like New York and London, competitive costs and time zone which allows for on overlapping work day with European and North American markets.

Canada has the soundest banking system in the world according to the World Economic Forum Global Competitiveness Report 2011-2012.


According to KPMG, Halifax, Nova Scotia is considered the “fastest growing hedge fund administration centre in Canada.”


Halifax has one of the highest concentrations of insurance industry firms and employment among urban centres across Canada.


The majority of Canada's top insurance firms are located in Nova Scotia.  This includes Intact Insurance, Manulife Financial, Royal & Sun Alliance Insurance Company of Canada and The Dominion.


Nova Scotia’s Hibernia Atlantic has introduced the Global Financial Network (GFN), a network specifically designed to meet two major demands of the global financial industry —greater bandwidth capacity and security.


Nova Scotia is Canada’s University Capital and is home to 10 universities and 13 community college campuses.

Nova Scotia offers several key advantages including cost-competitive operating costs, educated and loyal labour pool, strategic nearshore location to the US and Europe, financial incentives, world-class infrastructure and an established financial services cluster.


Halifax, our capital city, ranked number one out of all Canadian and US cities for lowest business operating costs in the International Financial Services sector according to KPMG Competitive Alternatives 2012.

One of Nova Scotia’s post-secondary academic institutions, NSCC, recently announced the development of a new Advanced Diploma in Finance which will launch in September 2013. NSCC actively works partners in industry to ensure programs reflect their workforce needs.

In addition to the hedge fund administration firms, there are a cluster of companies supporting the hedge fund industry providing services such as legal, accounting, due diligence, risk management and consulting.


Timeline

Nova Scotia has a history steeped in financial services. Since the incorporation of the Bank of Nova Scotia (Scotiabank) in 1832 to support the thriving trans-Atlantic trade between Britain, North America and the West Indies, financial services companies have been finding success within the province’s borders.

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