Global fund administrator Admiral Administration is expanding to Nova Scotia.
The administrator, which has $20 billion in net assets and administers 200 funds, joins Citco Fund Services and Butterfield Fulcrum, which also have offices in the province.
Admiral plans to create up to 175 new full-time jobs in the next six years. The province, through Nova Scotia Business Inc., the provinces private sector led business agency, is supporting the company’s growth with a payroll rebate to a maximum of $2,208,500.
Percy Paris, Economic and Rural Development and Tourism Minister of Nova Scotia, said: “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. It aligns with Nova Scotia’s jobsHere plan to create good jobs and grow a sustainable economy.”
Admiral is currently also present in the US, the Cayman Islands and Ireland.
“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 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.”
(JDC)