Financial Services Leader Makes Additional IT Investment in Nova Scotia
Tuesday, February 26, 2008
(New York, NY) Citco, the leading global provider to the hedge fund industry, has chosen Nova Scotia again.
The international financial services company is making Halifax one of its key locations for Citco's industry-specific technology development, creating up to 325 new jobs over the next six years. Positions will range from technical support to software and application development.
Premier Rodney MacDonald made the announcement today, Feb. 26, in New York City. Premier MacDonald was joined by Economic Development Minister Angus MacIsaac; Ben Jansen, president of Citco Technology Management; and Stephen Lund, president and CEO of Nova Scotia Business Inc.
The province, through Nova Scotia Business Inc., is investing in the expansion with a payroll rebate set at a maximum $7 million over six years. The rebate will be invested incrementally as the company achieves hiring targets. The Department of Economic Development is investing $1.47 million to support start-up costs and training.
"Citco has been a great champion of the province and Halifax on an international scale," said Premier MacDonald. "We are excited to see a company of this caliber choosing Nova Scotia for yet another investment, this time through an IT expansion. It will complement Citco's already impressive financial services growth in our province."
Citco has operated in Canada since 1992. In 2006, the company announced plans to create up to 350 financial services jobs in Halifax over the next seven years. Citco is approaching its one-year anniversary in Halifax, and is on track to meet hiring targets.
"The global financial services and information technology sectors are both key contributors to our province's overall economic growth," said Mr. MacIsaac. "This type of expansion builds on Citco's impact in the province and enhances the job opportunities for Nova Scotians."
"We are pleased to be able to open another operation in Nova Scotia," said Mr. Jansen. "This province is known for its strong information technology sector, and Citco is very pleased to contribute to this growth with a new IT development centre focused on our global financial services work."
This type of spin-off investment from a key employer in Nova Scotia's growing financial services sector is an example of how new and sustainable opportunities can result from attracting world-leading companies such as Citco.
"Citco's second expansion reinforces the province's strength as a destination of choice for IT," said Mr. Lund. "Nova Scotia offers companies competitive, high-value critical development in a location closer to key markets and global headquarters."
The Citco Group is a worldwide group of independent financial services providers. For more than 60 years, the Citco group of companies has served the growing needs of a diverse client base from its network of international offices. Citco Fund Services has recently won top rated awards in all of its locations and best in class ratings in all categories in Global Custodian's annual survey of hedge fund administrators.
Nova Scotia Business Inc. is Nova Scotia's private-sector-led business development agency. NSBI is the investment attraction arm of the province and helps businesses in Nova Scotia meet growth potential through advisory services, trade development, financing and venture capital.