Nova Scotia is the financial capital of Atlantic Canada
Nova Scotia is a leading North America nearshore jurisdiction for the global financial services industry. Discover a premiere global destination for shared services, middle/back office operations in banking, fund administration, and insurance.
As the most central point between the Americas and Europe, Nova Scotia offers several significant strategic and financial advantages that continue to attract top-tier international financial services and insurance firms. Establishing world-class middle/back office and shared services operations for both captive and outsourcing clients has allowed these firms to expand their global footprint.
The benefits of establishing a financial services company in Nova Scotia include:
- Halifax offers the 4th lowest Corporate Services operating costs of 94 North American cities surveyed according to KPMG Competitive Alternatives, 2016
- Access to an educated, skilled and accessible workforce
- World class infrastructure
- A strategic, nearshore location to the Americas and Europe
- Incentives to boost your bottom line
- Innovative partnerships between post-secondary schools, industry and government
- Unbeatable quality of life
When compared to other North American financial centres, Nova Scotia offers some of the lowest costs for salary wages and both statutory and fringe benefits—and has the lowest average costs for facility and infrastructure leases, according to a recent study by KPMG.
Nova Scotia’s financial services sector has grown, especially in areas such as fund administration and insurance.
A history of growth
Two of Canada's largest banks were founded in Halifax dating back to the early 1800s: Bank of Nova Scotia and Royal Bank of Canada. Now, Nova Scotia offers an established and talented workforce in finance, insurance, and technology sectors. KPMG identified Halifax, Nova Scotia, as the fastest growing hedge fund administration centre in Canada.
A reliable infrastructure
Nova Scotia is a landing station for Hibernia Atlantic's Global Financial Network. This trans-Atlantic network is specifically designed to meet two major demands of the global financial industry—increased bandwidth capacity and security.
A large, diverse workforce
Tap into a workforce of more than 50,000 people. Nova Scotia boasts:
- Close to 18,000 people employed in financial services sector
- More than 25,000 people employed in information and communications technology occupations
- 13,000 additional people working in contact centres
Industry partnerships with universities and community colleges
Nova Scotia's universities and colleges continue to partner with our global financial services firms to ensure program curriculum delivers on the needs of their industry.
The Master of Business Administration (MBA) Financial Services Program at Dalhousie University was designed to enhance the skills and business leadership qualities of Canada's finest financial services professionals, improving performance and increasing career opportunities. This program is the result of a partnership between Dalhousie University and the financial services community, including:
- Institute for Canadian Bankers
- Canadian Securities Institute
- Life Office Management Association
Nova Scotia Community College (NSCC)
NSCC offers an Investment Management concentration, as a second-year option of the Business Administration diploma program. Students acquire competency in the essentials of:
- risk management
- personal financial planning
- portfolio development and security analysis
- securities products
- settlement and distribution
- general insurance contracts
- business ethics
- contractual and civil law
Saint Mary's University
Saint Mary's University worked with local financial services industry associations and companies to develop a Certificate in Financial Instrument Analysis. The certificate can be completed in conjunction with a Bachelor of Commerce degree or as a standalone certification for those seeking professional development.
You'll be in good company
Nova Scotia has also attracted some of the top finance and insurance companies in the world including:
- Admiral Insurance
- BF&M Insurance
- Butterfield Bank
- Castle Hall Alternatives
- Citco Fund Services
- Conifer Fund Services
- Maitland Group
- Marsh Captive Solutions
- Mitsubishi UFJ Fund Services
- TD Meloche Monnex
View our financial services infographic PDF.
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Nova Scotia’s competitive advantage is at work for MUFG… and that competitive advantage is our people
Nova Scotia’s Competitive Advantage is at Work for MUFG and that competitive advantage is our people. And with access to innovative universities, a time zone advantage over the United States, and travel proximity to major financial centres like New York, Chicago, and London, it’s no wonder MUFG and its people are primed for success.