Toronto, Ontario builds financial services hub
The economic storm that shook the Western world cast a bright spotlight on the soundness and strengths of Canada’s financial services sector.
Bermuda-based Apex Fund Services is just one of the growing number of global firms deciding that Ontario, the home of Canada’s financial industry, ticks all the right boxes as a prime location for expansion.
Toronto is North America’s third largest financial services hub, trailing only New York City and Chicago in terms of industry employment and ranking among the world’s top ten in the UK-based Global Financial Services Index.
Apex Bermuda, with 23 offices around the world, is expanding its Toronto-based Canadian subsidiary to offer specialized services to Canadian fund managers such as international best practices, real-time middle office administrative services, and operation risk reporting services.
“As a global company, Apex sees Canada to be a key location for the expansion of its personalized services for fund managers – domestically and internationally,” said Alex Chapman, Managing Director, Apex Fund Services (Canada) Ltd. “With the current commitment to the Canadian fund industry, this is a tremendous opportunity for Apex to lead the financial services sector and support new fund strategies.”
The hedge fund administration services market is expected to grow as investors diversify their portfolios from traditional mutual funds to alternative strategies available in hedge funds.
Ontario’s financial services sector grew steadily during the past decade (2000-2010), with employment rising by 31% compared to the 0.3% increase in the U.S. Growth was fueled by a combination of factors: the availability of financial services talent, high-performance IT services and easy access to key markets and customers.
“Apex is proud to help put Canada firmly on the map as one of the world’s fast growing financial centres,” said Peter Hughes, Group Managing Director, Apex Fund Services Ltd.
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