Citco Chooses Nova Scotia for Future Job Growth
The world's leading hedge fund administrator is growing again in Nova Scotia.
The province, through Nova Scotia Business Inc. (NSBI), today, April 21, announced it has extended its payroll rebate agreement with Citco Fund Services. The three-year extension could see as many as 200 additional new jobs in Nova Scotia, beginning in 2014, after the current agreement expires. The amendment also increases maximum job creation targets in the original agreement to 375, bringing Citco's total potential job growth in Halifax to 575.
Citco will be eligible to receive an additional $1,662,500 in payroll rebates from NSBI.
"Today is an example of the path Nova Scotia is on -- the right kind of growth, and the private sector working with us as a partner for mutual success," said Premier Darrell Dexter. "Investing today for high-value jobs tomorrow is a great example of our jobsHere plan in action."
Citco employs 185 Nova Scotians and continues to expand its Halifax office. The company occupies two floors of downtown Halifax real estate, and has recently signed a lease for two additional floors.
"Halifax fits nicely into Citco's long-term growth plans," said Scott Montreuil, managing director, Citco Canada. "We've assembled an excellent team and have developed strategic partnerships with academia, industry and government, making this province a win for Citco."
Citco established its Halifax office in 2006, creating high-paying jobs and adding to the international financial services sector in Halifax. At that time, NSBI authorized a payroll rebate of up to $7,350,000 to create 350 full-time jobs over seven years.
Two years later, impressed by Nova Scotia's competitive advantages, Citco chose Halifax once more for its technology development centre.
"By extending our payroll rebate agreement with Citco, we're making Nova Scotia a location of choice for new, future growth of this multi-national company," said Stephen Lund, president and CEO of NSBI. "A globally recognized brand like Citco puts Halifax on the map for international financial services companies and helps retain new graduates, attract new Nova Scotians, and bring expats back home."
The payroll rebate is an earned incentive paid annually once an employer has achieved pre-determined hiring targets. Under payroll rebate agreements, for every dollar an eligible employer spends in salary in Nova Scotia, NSBI rebates between five and 10 cents.
The Citco Group of Companies is a group of independent financial service providers offering hedge fund administration, custody and fund trading, financial products and corporate and trust planning solutions around the world. Citco operates in more than 37 countries.
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 their growth potential through trade development, financing and venture capital. For more information, visit www.nsbi.ca and follow online at www.nsbi.ca/connect .