Halifax Welcomes Hedge Fund Administration Company

Nov 21, 2006

Nova Scotians will have new career opportunities in one of the most dynamic and fastest growing areas of the financial services industry.

Bermuda-based Olympia Capital, one of the world's most respected hedge fund administrators, is expanding its operations, bringing up to 150 new jobs to Halifax.

The company is expanding its Toronto-based financial services division, OC Financial Services.

Nova Scotia Business Inc. (NSBI) will provide the company with a payroll rebate set at a maximum of $1.5 million over a five-year period.

The Office of Economic Development will assist in the expansion with a recruitment and training incentive package set at a maximum of $300,000. The package will be funded through the Industrial Expansion Fund.

"This announcement is a great example of people and organizations working together to attract new companies, create new jobs and support continuing economic development," said Economic Development Minister Richard Hurlburt. "By offering a recruitment and training incentive, the province is giving our recent graduates the skills they need to excel in areas like the hedge fund industry."

In addition to its new Halifax operations, Olympia Capital also has about 200 employees in other countries and cities including Bermuda, Dublin, Toronto and New York. Since 1998, OC Financial Services has been operating in Toronto, which is currently its only major support operation in Canada.

"We are pleased to expand our business in Canada and build on the centuries-old relationship between Bermuda and Nova Scotia," said Raymond Morrison, president of Olympia Capital (Bermuda) Limited and global chief operating officer of Olympia's group of companies. "By choosing Halifax and tapping into the highly skilled workforce, our company will be able to grow our overall operations."

"This is another step in our efforts to build a world class financial services sector in the province," said Stephen Lund, president and CEO of NSBI.

OC Financial Services Inc. handles support and back office administration services for Olympia Capital's group of companies.

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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