World Leader in Financial Services Creating up to 350 New Jobs

Nova Scotia Business Inc.

November 20, 2006 9:41 AM

An international financial services company is opening an office and training centre in Halifax that will employ up to 350 people.

Citco Fund Services, the leading global provider of administrative services to the hedge fund industry, and the province of Nova Scotia through Nova Scotia Business Inc. (NSBI) today, Nov. 20, announced that Citco will open a new office in Halifax.

Nova Scotia Business Inc. is assisting in the expansion, contributing a payroll rebate of up to $7 million over the next seven years.

"Citco is a world leader in the hedge fund industry," said Premier Rodney MacDonald. "We're elated to have this global company build on the province's reputation as a leader in technology and a source of educated talent. We look forward to working with Citco as we continue to build the technology industry in our province."

Citco has been established in Canada since 1992. The company currently has 350 employees in its Toronto office. The opening of the Halifax office will accelerate the expansion of the firm's Canadian employment, reflecting on the strategic nature of Citco's operations in Canada. Citco's Halifax expansion will include the development of a new training centre of excellence. The centre will be used to train employees from all over North America.

"The financial services industry is a rapidly expanding sector in Nova Scotia," said Richard Hurlburt, Minister of Economic Development. "Citco's new Halifax office is exactly what the province needs to remain competitive and help combat out-migration."

"We see Halifax as a strategic centre to develop our Canadian operations," said William Keunen, global director of Citco Fund Services. "With Nova Scotia's education infrastructure and competitive advantages, we know it is the right place for our new office and training centre."

Stephen Lund, president and CEO of NSBI, said just as Ireland has established itself as a world leader in the financial services industry, he envisions a real potential for that kind of success in Nova Scotia.

"Nova Scotia has the raw materials in place to become a financial leader and Citco is a major step in the right direction," said Mr. Lund.

The Citco Group is a worldwide group of independent financial services providers. For more than sixty years, the Citco group of companies have 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 companies in Nova Scotia meet their growth potential through business advisory, export development and financial services.


FOR BROADCAST USE:

     Citco Fund Services is creating up to three-hundred-and-

fifty new jobs in Nova Scotia over the next seven years

     Nova Scotia Business Inc. is helping create the positions

with a payroll rebate to a maximum of seven-million dollars.

     Premier Rodney MacDonald says Citco's expansion to Nova

Scotia will build on the province‛s reputation as a leader in

technology and education.

-30-

Media Contact: Sarah Levy
              Nova Scotia Business Inc.
              902-222-3658
              E-mail: levyse@gov.ns.ca