Butterfield Fulcrum continues to view Halifax as a great place to expand its workforce, creating up to 150 new jobs.
“Butterfield Fulcrum and the province are working together to see more private-sector growth of high-value, high-paying jobs in a key sector of our province’s economy,” said Graham Steele, Minister of Economic and Rural Development and Tourism, and Minister responsible for Nova Scotia Business Inc.
Butterfield Fulcrum, an international hedge fund administrator and service provider, has seven offices in six countries, and is one of the top five independent administrators globally.
“The decision was made by senior management of the company to designate our Halifax office as a global centre of excellence, to service our international client base,” said Ben Rivard, managing director of Butterfield Fulcrum. “Halifax has worked out really well in providing us with a solid financial services workforce that is helping us better serve our international clients.
“The province’s universities and colleges have ensured we have access to the best and the brightest. Many of our largest clients, who are some of the most successful hedge funds in the world, are serviced from our Halifax office.”
Last July, Butterfield Fulcrum introduced a new technology platform that provides its clients with real-time fund administration access. This allows daily and end-of-month processing, increasing Butterfield Fulcrum’s demand for more technology-based skill sets.
“Being able to work for an international company in Nova Scotia means I don’t have to move out of province to gain the skills I need to develop my career in financial services,” said Matt Rideout, analyst, Middle Office and Valuations of Butterfield Fulcrum. “This opportunity with Butterfield means I can stay close to my family and develop my career skill set at here at home.”
In June, Butterfield Fulcrum announced it is being acquired by Mitsubishi UFJ Trust and Banking Corp., a wholly owned subsidiary of Mitsubishi UFJ Financial Group.
“In 2006, we identified the financial services sector as a key growth opportunity for Nova Scotia. Fast-forward seven years later and we are now recognized as a global financial services centre,” said Stephen Lund, president CEO and of Nova Scotia Business Inc. “Again, we are seeing an internationally recognized brand choose Nova Scotia to expand its global footprint.”
This incentive for Butterfield Fulcrum will continue to create significant job growth in the Halifax office, further supporting the growth of Nova Scotia’s financial services sector over the next three years. In return, the company can earn up to $1.26 million in job creation rebates. Butterfield Fulcrum has been a job creation rebate client of NSBI since 2006.
New jobs could generate almost $4.5 million of new payroll in Nova Scotia over the next five years, returning about $432,000 in direct tax revenue to the province. If the company creates 25 new jobs, it could earn up to $315,000 through NSBI.
In a recent performance analysis by Gardner Pinfold, an independent consultant, NSBI client activity contributed $139.2 million in new provincial tax revenues between 2007-2012. Every tax dollar invested via payroll rebates returned $1.54 to the province and taxpayers.
Butterfield Fulcrum is a leading independent services provider with 25 years of experience servicing clients in the alternative asset investment industry. Butterfield Fulcrum provides a full-service fund administration offering including front, middle and back office solutions to hedge funds, fund of funds, managed accounts, family offices, private equity and real estate funds. The company services more than $100 billion of client assets across 850 funds and has seven offices in six countries and employs over 325 people. For more information, visit www.bfgl.com
Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding and financial services company headquartered in Tokyo, Japan. It holds assets of approximately US$2.6 trillion and is one of the main companies of the Mitsubishi Group. It is Japan’s largest financial group and the world’s 5th largest bank holding company. For more information, visit www.mufg.jp/english/.
Nova Scotia Business Inc. is the province’s private-sector-led business development agency. Through trade development, investment attraction, business financing and venture capital, NSBI assists local companies and attracts international companies to Nova Scotia. For more information, visit www.nsbi.ca.
Source: Release
