The company plans to create up to 175 new full-time jobs in the next six years. The province, through Nova Scotia Business Inc., is supporting the company's growth with a payroll rebate to a maximum of $2,208,500.
Admiral Administration is an award-winning global hedge fund administrator with offices in the Cayman Islands, Ireland and the United States that administers more than 200 funds totaling about $20 billion in net assets.
"It is a testament to our well established and growing financial services sector to have Admiral Administration, one of the industry's leading hedge fund administrators, expand business operations to Nova Scotia," said Economic and Rural Development and Tourism Minister Percy Paris. "It aligns with Nova Scotia's jobsHere plan to create good jobs and grow a sustainable economy."
Admiral Administration employs a wide range of professionals such as chartered accountants and IT specialists.
"I knew the next step for Admiral Administration was to expand our global footprint. When NSBI approached us, we realized Nova Scotia was the right competitive jurisdiction for us," said Canover Watson, managing director, Admiral Administration. "Nova Scotia offers a great location, competitive costs and talented labour. It is the perfect fit."
Nova Scotia has attracted some of the top financial companies in the world including Citco Fund Services, Flagstone Reinsurance, Butterfield Fulcrum and Marsh Captive Solutions.
"Nova Scotia is, and continues to be, recognized as a global financial services centre," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "In 2006, we identified this sector as a key growth opportunity for Nova Scotia. We continue to build on our momentum and remain focused on targeting high-quality companies that will bring value to the financial services sector."
Canada has had a well-established hedge fund administration industry, dating back to the 1990s. According to KPMG, the industry in Canada has experienced considerable growth in the past five years as existing organizations expanded and other global organizations opened offices.
"By many measures Halifax would be considered the fastest growing hedge fund administration centre in Canada recently, as existing administrators expand their Halifax operations and new entrants establish them," said Peter Hayes, partner, national director, Alternative Investments Practice, KPMG Canada.
"Based on my experience, the administrators that have chosen Halifax would consider the relatively high quality of employees they've been able to source, and the cost effectiveness of the province compared with the more traditional hedge fund servicing centres, as strong factors in favour of the city."
Admiral Administration was recognized in 2011 by Hedgeweek USA as Best Offshore Hedge Fund Administrator.
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. For more information, follow NSBI online at www.nsbi.ca/connect