Halifax Bids for Piece of Titanic Hedge Fund Industry

Date: Monday, November 20, 2006
Author: Finalternatives.com

Halifax, Nova Scotia, once the principal North American hub for Britain’s Royal Navy and famously the final resting place for many Titanic dead, is aiming for a new, lucrative claim to fame.

The city, where temperatures in January rarely top freezing and residents enjoy almost 20 inches of snow a year, may yet challenge its more temperate competitors, such as Jersey and Bermuda. Citco Group, a major hedge fund administrator based in the latter tropical paradise, is expected to announce today that it will open—with generous subsidies from Nova Scotia’s government—an office and training center in the city that will employ 350 people.