The History of Nova Scotia’s International Financial Services Centre
Tuesday, May 3, 2016
Nova Scotia has a history steeped in financial services. Since the incorporation of the Bank of Nova Scotia (Scotiabank) in 1832 to support the thriving trans-Atlantic trade between Britain, North America, and the West Indies, financial services companies have been finding success within the province’s borders. Fast forward to today, Nova Scotia is recognized as a world-class jurisdiction to the international financial services industry.
The success of companies who have chosen to expand their global footprint in Nova Scotia is based on the ability to check off five core factors that determine an optimal services delivery location:
- Cost – One of the lowest operating costs in North America
- Availability of labor – close to 70% of Halifax’s workforce has a post-secondary education
- Infrastructure – world-class office space and leading-edge IT infrastructure
- Location – work day overlaps with Europe and the Americas
- Incentives – Rebates on gross payroll to companies locating or expanding in the province.
Leading names rely on Nova Scotia’s workforce. In December 2005, Nova Scotia welcomed West End Capital. In 2006, West End Capital was joined by a number of high-profile financial institutions; including:
- CITCO, Olympia Capital (Caseis), Butterfield Fund Services (now Mitsubishi UFJ)
- Marsh Captive Solutions
Building on the solid foundation, Nova Scotia’s financial services sector has continued to grow and generate success stories, being joined by companies such as:
- FlagstonRe (Bermuda),
- TD Insurance (Canada)
- Admiral Insurance (Wales)
- Conifer Funds Services (San Francisco)
- Manulife Financial (Canada)
- AnalyzeRe (Canada)
- Castle Hall Alternatives (Canada)
More recently, the global leader in hedge fund administration – Citco Fund Services –announced its Global Delivery Center in Halifax.
In Nova Scotia, you’ll find a culture of innovation that leading brand names are tapping into to drive more value through their global business. The province’s workforce and infrastructure provide a solid foundation on which to grow and are supported by a strong collaborative partnership between the private sector, government, and academia.
In the past six months alone, Nova Scotia has announced 14 new foreign direct investment projects with International companies in the financial services and ICT sectors, creating a potential for over 2,300 new jobs.
Take a moment to view our financial services timeline above to look back at the milestones that built our international financial services centre and learn more about financial services in Nova Scotia.