Global Financial Services Company Expands in Nova Scotia

Nov 15, 2006

Butterfield Fund Services is providing an opportunity for Nova Scotia expatriates to return home for the kind of positions they once left for.

Butterfield Fund Services, headquartered in Bermuda, plans to add 30 to 60 positions in Halifax in 2007. The new positions have been created with the assistance of a payroll rebate from Nova Scotia Business Inc. (NSBI).

Premier Rodney MacDonald made the announcement today, Nov. 15, along with Economic Development Minister Richard Hurlburt; Richard Ferrett, executive vice president and chief financial officer of Butterfield Bank; Frank Sebestyen, senior vice president and group head of Butterfield Fund Services; and Stephen Lund, president and CEO of NSBI.

"Nova Scotia is quickly emerging as a location of choice for the financial services industry," said Premier MacDonald. "This expansion is a cornerstone in the development of this sector for the province."

The incremental rebate has a maximum value of $9.1 million over the next seven years as the company reaches job targets.

"Nova Scotia will benefit by attracting an international financial company of this caliber," said Mr. Hurlburt. "Companies like Butterfield Fund Services will help grow the province's economy."

The new positions will offer opportunities for a wide range of financial professionals, from recent business graduates to senior accounting professionals from all over the world.

"Bermuda and Halifax have always had strong connections and it is this history and commonality that placed Halifax at the top of our list from the start of our expansion process," said Mr. Ferrett. "The presence of a supply of accounting graduates from renowned universities, combined with a pool of experiences fund accountants looking to return home, further confirmed our choice."

The company hopes to create up to 400 full and part-time jobs over the next seven years.

"Butterfield Fund Services is proving that Nova Scotia has the right combination of resources to grow and prosper in this sector," said Mr. Lund. "Companies like this are recognizing and capitalizing on our great people and increasing Nova Scotia's credibility as a world-class place to do business."

Headquartered in Bermuda, Butterfield Bank also operates in the Cayman Islands, the Bahamas, Barbados, Guernsey, the U.K. and Switzerland. With differing product arrays to meet local market needs, the group provides a full range of community banking services (encompassing retail and corporate banking and treasury activities), and specialist offshore financial services, including private banking, wealth management, fiduciary services and fund administration. Fund administration is performed from the wholly owned Butterfield Fund Services subsidiaries servicing more than $65 billion US of hedge fund and mutual fund assets.

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

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