New Support For Financial Services Creates New Jobs

Date: Friday, October 28, 2011
Author: News Release

McGuinty Government Helps Company Expand

Ontario is helping Apex Fund Services (Canada) Ltd. expand and create 50 jobs for families in Ontario while continuing to ensure Toronto’s reputation as a North American hub for financial services.  These new jobs will build upon the 97,700 net new jobs that have already been created in Ontario so far this year alone.

The province is partnering with Apex Fund Services Ltd., a financial services provider, to expand its Canadian subsidiary and offer specialized fund services to Canadian fund managers such as:

• international best practices
• real-time middle office administrative services, and
• operation risk reporting services.

Partnering with business and ensuring Toronto’s reputation as a North American hub for financial services are key components of the McGuinty government’s plan to create and support new and existing jobs for Ontario families, and to strengthen local economies.

QUOTES

“We are pleased to partner with innovative companies that help us secure our position as a global Financial Services hub for international business. This mirrors our strategy to create many new jobs in this fast growing industry sector for years to come.” 

—  Glen Murray, Minister of Training, Colleges and Universities

“The foundation of Ontario’s economy is our skilled workers and innovative companies.  Our government will continue its proactive approach to partnering with business and industry, investing strategically to help companies grow and create jobs in this period of economic uncertainty.”

— Brad Duguid, Minister of Economic Development and Innovation

“As a global company, Apex sees Canada to be a key location for the expansion of its personalised services for fund managers - domestically and internationally. 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.

— Alex Chapman, Managing Director, Apex Fund Services (Canada) Ltd.

“Apex is proud to help put Canada firmly on the map as one of the world’s fast growing financial centres.”

— Peter Hughes, Group Managing Director, Apex fund Services Ltd.

QUICK FACTS

§ Apex Bermuda has 23 offices around the globe administering funds and asset classes over $16-billion.

§ 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.

§ Over 524,000 jobs have been created in Ontario since October 2003.

§ Ontario’s financial and insurance sector employs more than 293,000 people.

§ In 2010, Ontario was named a top destination for foreign direct investment in North America,

second only to California. The province attracted a total of 127 Foreign Direct Investment projects, which created more than 11,200 jobs.

§ As a result of the tax changes implemented in Ontario, taxes on business investment were cut in half, making Ontario more competitive and encouraging to business growth.

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LEARN MORE

See how Ontario's Budget 2011 is supporting job creation and helping the province's economy to turn the corner.

Review Ontario programs supporting business.