Nova Scotia is further strengthening its international appeal with the expansion of Bermuda-based investment management firm, West End Capital Management.The company is expanding its existing Halifax operating unit, West End Capital Services.
Economic Development Minister Ernest Fage made the announcement today, Dec. 6, with Patrick Boisvert, chief financial officer, West End Capital Management; Brent Slade, director of business and product development; and Stephen Lund, president and CEO of Nova Scotia Business Inc. (NSBI).
"This announcement builds on the centuries-old tradition of trade, partnerships and good will that has existed between Bermuda and Nova Scotia," said Mr. Fage. "By strategically locating its growth in nearby Nova Scotia and taking advantage of the highly educated provincial workforce, West End Capital will be able to increase its overall operations."
"We're excited by the new possibilities for our clients and our business model that an expanded Halifax operation gives West End Capital," said Mr. Boisvert. "By choosing to further tap into the ties between Bermuda and the province, West End will help drive growth."
"West End Capital Services has hired 17 highly-skilled employees in its first year of operations in Halifax," said Mr. Slade. "As the company grows further, West End expects to continue expanding its infrastructure and staff in Halifax."
NSBI is supporting this growth with a payroll rebate of up to $583,200 for the creation of a maximum of 50 new, full-time positions. This earned rebate will be paid out annually over three years once the jobs have been created.
The current employees of West End Capital Services in Halifax contribute software, systems, legal and accounting support to the company's global operations.
"West End Capital Management, a well-respected investment management firm from Bermuda, has recognized the many business advantages at play here in Nova Scotia," said Mr. Lund. "Bermuda and Nova Scotia are particularly well-suited for this type of shared growth."
West End Capital Management is an independent investment management firm specializing in relative value, market neutral and directional trading strategies in the global fixed income markets. West End was formed in 1998 by Mark Byrne and currently has 60 employees with offices in Bermuda and Halifax with assets under management of about $1 billion.
Nova Scotia Business Inc. is the private sector-led business development agency for Nova Scotia. 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.