Maples Finance, an independent global fund administrator, has opened a Montreal office to service the North American region.
According to the press statement, Maples Finance selected Montreal for its position as a global financial centre and gateway to North American markets. The resources and advantages the city offers global financial service companies include: a base of highly trained local financial services and technology professionals; a large cosmopolitan city with a well-educated population; a diverse demographic and multi-lingual capabilities; and world-class universities.
Maxine Rawlins, CEO of Maples Finance described the Montreal office as “a long-term investment in developing a regional hub that expands Maples Finance’s global footprint. We will look to grow our onshore fund administration business particularly in North America. We expect this business to expand, offering job creation and business opportunities for the local market.” Over the past three years, Maples Finance has opened offices in Dublin, Dubai, Hong Kong and Luxembourg.
Operating as Services Administratifs de fonds Maples, Inc. the Montreal office will have eventual capacity in excess of 50 people. Services Administratifs de fonds Maples will provide training and international professional career opportunities in middle- and back-office accounting and administration services, and information technology.
There has been a flurry of activity within the financial services industry in Canada in recent weeks. Equilends recently announced that it has received regulatory approval from the Investment Industry Regulatory Organization of Canada to operate as an alternative trading system in Ontario. U.S.-based Fidelity Investments has recently launched Fidelity Clearing Canada ULC, a new business dedicated to providing clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms.