Globe and Mail – Citco Group Ltd., one of the world’s largest hedge fund administrators, will announce today it is opening an office in Halifax with plans to eventually employ about 350 people.<\/p>\n
The operation will include the fund administrator’s North American training centre, the Bermuda-based company is expected to say. A person familiar with the situation said the average salary at the Halifax office would be “just shy of double the local average” of about $28,000 a year.<\/p>\n
Citco is the latest Bermudan financial company to announce it is opening an office in Halifax, taking advantage of the ample university-educated work force and costs lower than those found in Bermuda.<\/p>\n
Last Wednesday, Bermuda-based Bank of N.T. Butterfield & Sons Ltd. said its fund services unit would hire about 400 people in Halifax within the next seven years. And last year, fixed-income fund manager West End Capital Management agreed to locate 75 positions in Halifax.<\/p>\n