Friday, the Ontario government put out a release announcing that the government is "thrilled' to welcome to Toronto a new arm of Goldman Sachs Administration Services, the part of Goldman Sachs Group Inc. that helps hedge funds with back offices. But from Goldman, aside from a quote in the release, there wasn't much more info on what fund managers can expect.
A new week brings a little more detail: The office will be a small addition to a roughly 160-person division of GS that will provide such services as portfolio analytics and accounting. The division already has offices in the Cayman Islands, Dublin, Hong Kong, Jersey City and Princeton, N.J., and the word is Goldman wanted to add capacity and liked Toronto's skilled work force.
On top of that the city is an easy hop from the New York-Tristate area where the bulk of the hedge-fund world is located.
