International financial services firm chooses Nova Scotia for growth
Wednesday, September 9, 2015
Conifer Financial Services, an international asset services firm, announced today, Sept. 9, that it is expanding its Nova Scotia operations.
"We're expanding our global footprint - and that expansion includes Nova Scotia which will be our fastest growing global center for middle-office and fund accounting services," said Bill Vastardis, president of Conifer's Asset Solutions business and chairman of the board for Conifer Financial Services.
The Halifax office first opened in 2013 and services Conifer's worldwide client base. The office offers fund accounting services, investor services and middle office support to hedge funds, funds of funds, private equity and venture capital funds as well as asset owners such as foundations and endowments.
The growth will provide opportunities for university and college graduates with strong backgrounds in finance and accounting, as well as accountants with various certifications and other experienced professionals with similar backgrounds.
Nova Scotia Business Inc. (NSBI) is amending its current payroll rebate agreement to encourage additional growth to happen in the province.
If the company creates 350 jobs over seven years, it is eligible to earn up to $5,163,750 in payroll rebates from NSBI. Over seven years, Conifer would spend $60.75 million in salaries if the company creates 350 jobs. Those new employees would pay provincial, personal income taxes of about $6.4 million.
If the company creates fewer than 350 jobs, it would be eligible for a smaller rebate based on the number of jobs it has created.
"We have worked closely with Conifer to ensure that Nova Scotia would continue to be part of the firm's future expansion plans and are pleased with today's announcement," said Laurel Broten, president and CEO of Nova Scotia Business Inc.
Conifer Financial Services has over 200 clients worldwide representing more than $110 billion of combined assets under administration.