"Nova Scotia is competitive and we continue to develop growth sectors, such as financial services," said Percy Paris, Minister of Economic and Rural Development and Tourism. "KPMG recognizes Nova Scotia as the fastest-growing hedge fund administration centre in Canada, and our latest work with Conifer adds to our momentum."
Conifer Fund Services, LLC, of San Francisco is the latest leading hedge fund business establishing a presence in Nova Scotia.
"We chose Nova Scotia for our strategic growth plan," said Jack McDonald, president and CEO of The Conifer Group. "Halifax will become a 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."
Conifer is working with the province's universities and Nova Scotia Community College to employ new graduates.
"NSCC actively works with our partners in industry to make sure our programs reflect their workforce needs," said Sheri McKillop, dean of the School of Business at NSCC. "Our new advanced diploma in finance will prepare Nova Scotians for jobs like those at Conifer. Their arrival in Halifax is a wonderful opportunity for our grads to stay in the province and work in their chosen field."
"This is proof that Nova Scotia has what it takes to attract global businesses looking to grow their operations," said Stephen Lund, president and CEO of Nova Scotia Business Inc. "Conifer chose Nova Scotia because of our strategic fit with their growth plans and what we brought to the table."
The province, through Nova Scotia Business Inc. (NSBI), used a competitive incentive to help attract Conifer. If the company creates 120 new jobs over seven years, Conifer could earn up to $1.38 million.
In a recently released mandatory performance analysis, NSBI client activity contributed $139.2 million in new provincial tax revenues. Every tax dollar invested via payroll rebates returned $1.54 to the province and taxpayers.
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. Headquartered in San Francisco and with offices in New York and the British Virgin Islands, Conifer has been in business since 1989.
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.