Leading Hedge Fund Services Company Opens Doors

Feb 23, 2007

The world's leading hedge fund administration company, Citco Fund Services, officially opened the doors to its Halifax operation.

Premier Rodney MacDonald was joined by Carolyn Bolivar-Getson, Minister of Immigration; William Keunen, global director of Citco Fund Services; Brent Patterson, managing director of Citco Halifax; and Stephen Lund, president and CEO of Nova Scotia Business Inc. (NSBI) today, Feb. 23, to celebrate Citco's official opening.

In November, Citco announced plans to expand its operations to Nova Scotia, creating up to 350 new jobs. Since the announcement, Citco has created 17 jobs in Halifax, providing opportunities for three expatriates to return home.

"It is significant to have a company like Citco -- the world's leading fund services administrator -- recognize Nova Scotia as a growing financial services centre," said Premier MacDonald. "Citco's arrival in the province has already created opportunities for new graduates to work in Nova Scotia and for expatriates to return home.

"The recent success in attracting five financial services companies to Nova Scotia will create up to 1,125 jobs over the next seven years," said Richard Hurlburt, Minister of Economic Development. "Supporting and sustaining this employment growth is important to our province."

To support the continued expansion of the financial services industry in the province, NSBI has developed a sector-based managed-growth initiative. The aim is to retain skilled graduates and local professionals, as well as bring Nova Scotians who are working outside the province home and attract qualified immigrants.

"We believe immigration has a role to play in supporting the sector's growth here," said Ms. Bolivar-Getson. "Our mandate is to attract skilled workers who support Nova Scotia's labour market needs, including the growth and development of the local financial services industry."

The Nova Scotia chapters of the Institute of Chartered Accountants, the Certified Management Accountants Association and the Certified General Accountants Associations have expressed their commitment to exploring innovative strategies to ensure continued success.

"We came to Nova Scotia because it is the right fit," said Mr. Keunen. "In the competitive world of site selection, we are looking for a location that would enable us to continue to expand our business meaningfully. We are delighted at the quality of candidates that we have met and identified, and who are joining us as core staff for our operation in Halifax. To date, we have hired 17 employees who are currently undergoing training."

"We intend to build on our momentum as we grow this new industry in Nova Scotia," said Mr. Lund. "Our managed-growth initiative is focused on ensuring the industry, as a whole, can successfully grow over the next 10 to 20 years. It exemplifies how great partnerships can create great results. We are very proud and fortunate to have partners who share our level of commitment to success."

The Citco Group is a worldwide group of independent financial services providers. For more than 60 years, the Citco group of companies have served the growing needs of a diverse client base from its network of international offices. Citco Fund Services has recently won top rated awards in all of its locations and best in class ratings in all categories of the services it provides in Global Custodian's annual survey of hedge fund administrators.

Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. As the investment attraction arm of the province, NSBI helps companies in Nova Scotia meet their growth potential through business advisory, export development and financial services.