Nova Scotia Business, the Canadian province’s private-sector-led business development agency, will provide middle and back-office services to Admiral Administration in an effort to support future growth of the fund administrator worldwide.
“Most people would be surprised to learn that Canada has always had a well-established hedge fund administration industry, dating back to the 1990s. The industry in Canada has experienced considerable growth in the past five years or so as existing organizations expanded their Canada footprint and other global organizations opened offices,” said Peter Hayes, national director at Alternative Investments Practice, KPMG Canada.
“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 centres as strong factors in favour of the city.”
