San Francisco-based fund administrator Conifer Fund Services, LLC (Conifer), announced today it will open a fund administration office in Halifax, Nova Scotia, as part of its strategy to grow in North America. Halifax was selected over competing locations based on Nova Scotia’s nearshore advantages including cost, proximity to clients, and access to skilled talent.
“We chose Halifax for our strategic growth plan,” said Jack McDonald, President and CEO of The Conifer Group. “Halifax will become our key centre for hedge fund administration because it has a highly educated and skilled labour force, low staff turnover, and a high quality of life.”
According to KPMG, Halifax is the fastest growing hedge fund administration centre in Canada. In KPMG’s Competitive Alternatives 2012 Report, Halifax ranks number one out of all Canadian and U.S. cities surveyed for lowest business operating costs in the International Financial Services sector.
“Halifax continues to attract new financial services firms to the region with their promise of competitive cost advantages , financial incentives and an established financial services cluster,” said Peter Hayes Partner, National Director Alternative Investments at KPMG. “Existing financial services firms, notably the fund administrators, further demonstrate commitment to the region as they continue to expand their Halifax operations. “
“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, as well as cost,” said Stephen Lund, President and CEO of Nova Scotia Business Inc. (NSBI) “What differentiates us in the eyes of our clients is our focus on their success and facilitating long-term partnerships between industry, academia and government. Companies feel valued here.”
Included in NSBI’s value proposition proposal is a $1.3 million dollar incentive to strengthen the competitive business case.
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 with our partners in industry to ensure our programs reflect their workforce needs,” said Sheri McKillop, Dean of the School of Business at NSCC. “The arrival of financial services firms, such as Conifer, provides wonderful employment opportunities for our graduates.”
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.
Along with new graduates from the province’s 10 universities and 13 community colleges, Conifer will be hiring skilled and experienced workers who have strong backgrounds in finance and accounting.
About The Conifer Group, LLC
The Conifer Group, LLC is a leading provider of services to the hedge fund industry that includes global fund accounting and administration, middle office, prime brokerage and execution services. Conifer's comprehensive platform of business and operations solutions appeals to both start-up and established managers by allowing them to focus exclusively on asset gathering and investing. Headquartered in San Francisco and with offices in New York and the British Virgin Islands, Conifer has been in business since 1989. For more information, please visit www.conifer.com
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. Learn more about Nova Scotia's financial services sector.