Conifer Fund Services is opening a fund administration office in Halifax, Nova Scotia, in Canada.
The firm says it chose Halifax based on near-shore advantages such as cost, proximity to clients and access to skilled talent. The new office is part of Conifer's strategic growth plan in North America, says Jack McDonald, president and CEO of The Conifer Group.
"Halifax will become our key center for hedge fund administration because it has a highly educated and skilled labor force, low staff turnover, and a high quality of life," McDonald says.
KPMG has called Halifax the fastest-growing hedge fund administration center in Canada, ranking it No. 1 out of all Canadian and U.S. cities for the lowest business operating costs in the international financial services sector.
"Halifax continues to attract new financial services firms to the region with their promise of competitive cost advantages, financial incentives and an established financial services cluster," says Peter Hayes, partner and national director of Alternative Investments at KPMG. "Existing financial services firms, notably the fund administrators, further demonstrate commitment to the region as they continue to expand their Halifax operations."
Stephen Lund, president and CEO of Nova Scotia Business Inc., touted the province's proximity to major financial centers such as New York and London. "What differentiates us in the eyes of our clients is our focus on their success and facilitating long-term partnerships between industry, academia and government," Lund says. "Companies feel valued here."
Nova Scotia is home to fund administrators as well as other service providers to hedge funds offering legal, accounting, due diligence, risk management and consulting services, according to a Nova Scotia Business Inc.