Wednesday, 27 July 2016
Last updated 19 hours ago
Apr 20 2012 | 2:18am ET
Hedge fund administrator Admiral Administration has opened an office in Canada.
The Cayman Islands-based firm's new Halifax, Nova Scotia, office will serve as its primary center for middle- and back-office operations, Nova Scotia Business Inc. said. The office is Admiral's fourth; in addition to the Caymans, it also has bases in Virginia and Dublin, Ireland.
"I knew the next step for Admiral Administration was to expand our global footprint. When Nova Scotia Business Inc. approached us, we realized Nova Scotia was the right competitive jurisdiction for us," managing director Canover Watson said. "Nova Scotia offers a great location, competitive costs and talented labor. It is the perfect fit."
Admiral has some US$20 billion in assets under administration.
"By many measures Halifax would be considered the fastest growing hedge fund administration center in Canada most recently, as existing administrators expand their Halifax operations and new entrants establish them," KPMG Canada's Peter Hayes said. "Based on my experience, the administrators that have chosen Halifax would consider the relatively high quality of employees they've been able to source and the cost effectiveness of the jurisdiction compared to the more traditional hedge fund servicing centers as strong factors in favor of the city."