Nova Scotia: A Platform For Superior Service Delivery

A 2012 executive report by leading consultancy firm KPMG recognized Nova Scotia as home to Canada’s fastest growing hedge fund administration centre. In addition, in 2013, fDi Intelligence stated that Nova Scotia was the best performing region in North America in terms of its ability to attract inward investment during 2012. In fact, the province has been attracting more FDI projects per capita than any other state or Canadian province. So if you’re asking yourself, "where is Nova Scotia?" it may be time to find out. Sitting right at the junction between the Americas and Europe, Nova Scotia is located on the East Coast of Canada. This location offers a unique geographic and time zone advantage: Nova Scotians are at their desks for a full hour before New Yorkers get started; and while Londoners are at home having dinner, Nova Scotians have four hours left in their work day. The province’s strategic nearshore position and time zone advantages offer financial services firms unparalleled real time access to international markets through an overlapping workday with the US and Europe. This is only one item on a long list of exclusives that have enticed top ranked international financial services firms, as well as technology and outsourced service providers, to move to this beautiful, coastal Canadian province. NSBI Supports Economic Development Nova Scotia has a long history of providing second to none service to the international financial services industry. Starting as far back as the early 1800’s, 4 of Canada’s big 5 banks have ties to Nova Scotia, including founding roots and mergers. The current wave of activity is being driven by a 2005 strategy initiative that resulted in a convincing value proposition designed to further develop Nova Scotia’s financial services industry. This strategy, created by Nova Scotia Business Inc. (NSBI), the province’s privately led, economic development agency, has been so successful that during the global financial crisis of 2008, NSBI’s clients reported new job growth, as opposed to reduction. The growth currently being experienced by this east coast province is based on its ability to check off the five core factors determining optimal Services Delivery location: Cost – One of the lowest operating costs in North America Availability of labor – close to 70% of Halifax’s workforce has a post-secondary education Infrastructure – world-class office space and leading edge IT infrastructure Location – work day overlaps withEurope and North America Incentives – Rebates on gross payroll to companies locating or expanding in the province and a Scientific Research & Experimental Development tax credit that supports the development of unique and advanced skills, knowledge and technological capabilities Leading Names Rely on Nova Scotia’s Workforce In the past six months alone, Nova Scotia has announced 14 new deals with companies in the financial services and ICT sectors, creating a potential total of over 2,300 new jobs. As a result of the initiative, December 2005 saw of the arrival of West End Capital. In 2006, they were joined by a number of high profile financial institutions: CITCO, Olympia Capital (Caseis), Butterfield Fund Services (Mitsubishi UFJ), and Marsh Capital Management. Building on the solid foundation, the sector has continued to grow and generate success stories, welcoming companies such as FlagstonRe (Bermuda), TD Insurance (Canada), Admiral Insurance (Wales), Conifer Funds Services (San Francisco), Manulife Financial (Canada), AnalyseRe (Canada), and Castle Hall Alternatives (Canada). More recently, the global leader in hedge fund administration – Citco Fund Services –announced its Global Delivery Center in Halifax, Nova Scotia. Today, Citco employs hundreds of administrators in Halifax while continuing to grow year-over-year, Data Analytics: an Emerging Capability A partnership model in Nova Scotia is moving their Big Data capabilities forward in conjunction with industry. For example, the Dalhousie Institute for Big Data Analytics (DIBDA) is a catalyst and a container in which university researchers and internationally renowned experts can work together in big data. By facilitating fundamental, interdisciplinary and collaborative research, advanced applications, advance training, and partnership with industry, the DIBDA will further knowledge and expertise in the field of Big Data Analytics. This kind of collaboration was one of the reasons IBM chose Halifax as the location to launch its first Canadian Services Centre. Businesses around the world are waking up to the use of business intelligence techniques to connect the power of data to their own operational successes. Nova Scotia has an opportunity to become a world leader in this field, according to Louie Velocci, Partner, Advisory Services, KPMG in Canada. "The province has the critical infrastructure and a highly educated skilled workforce. Focusing on this industry has the potential to make Nova Scotia the destination of choice for businesses and Canadians looking to better leverage data in an impactful way." Time Zone Advantage For UK-based Admiral Insurance, the ability to service their UK based clients from Halifax, where the company employs several hundred people, was an enormous advantage. With Nova Scotia trailing London’s working day by four hours, this means that there is a huge time zone opportunity in continuing to provide additional services in evening UK time, while at the same time leveraging a substantial cost advantage. Additional Accolades Nova Scotia has been recognized by a number of well-respected publications as providing excellence in terms of business opportunities: Nova Scotia has consecutively made the list of top 100 emerging outsourcing destinations in the world and is among the top 3 in North America (Global Services Publication, January 2013) Canada has been ranked No. 1 overall in the Best Countries for Business (Forbes Annual Look) Halifax is in the top 10 of Large Cities of the Future, Large Cities Infrastructure, and Quality of Life (fDI Magazine) Find Out How Nova Scotia Can Benefit Your Business In Nova Scotia, you’ll find a culture of innovation that leading brand names are tapping into to drive more value through their global businesses. The province’s workforce and infrastructure provide a solid foundation on which to grow, and is supported by a strong collaborative partnership between the private sector, government, and academia. Nova Scotia’s winning value proposition is based on a favorable investment environment,including a highly educated and motivated workforce,a convenient time zone for US and European markets,established shared services clusters in financialservices and IT outsourcing, as well as lower laborand operating costs compared to similar jurisdictions.Companies looking for a North American SSC locationshould include Nova Scotia on their list of options. Find out how Nova Scotia’s workforce can help your business deliver more value. [eventpdf]

Nova Scotia: A Platform For Superior Service Delivery

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