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Goldman Sachs opens hedge fund administration operation in Toronto

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Goldman Sachs, one of the top five hedge fund administrators in the world, has opened its latest Goldman Sachs Administration Services office in Toronto to offer fund accounting and invest

Goldman Sachs, one of the top five hedge fund administrators in the world, has opened its latest Goldman Sachs Administration Services office in Toronto to offer fund accounting and investor servicing to hedge fund clients.

Goldman, which has around USD225bn in single manager hedge fund assets under administration, will begin operations with a full staff complement and says it plans to expand its business and its staff in the city over the next five years.

Ontario provincial officials say the announcement underlines the city’s position as a global hub for the financial industry, thanks to a stable business environment, supportive regulatory framework and favourable conditions for growth.

‘We are thrilled that Goldman Sachs has chosen Toronto to expand its hedge fund administration business,’ says Sandra Pupatello, Ontario’s minister of economic development and trade.

‘Goldman Sachs selected Toronto over several other jurisdictions because it offers educated workers, an excellent regulatory environment, stable economy and proximity to New York’s financial sector.

‘Our highly-skilled financial professionals continue to demonstrate every day that we can compete globally. We offer a strong industry infrastructure, superior technology and a reliable business climate to global investors.’

Grant Jackson of Goldman Sachs Administration Services says: ‘We are pleased to establish our hedge fund administration presence in Toronto to supplement our global platform and expand the Goldman Sachs footprint in Canada. We believe the talent pool in this region will enhance our efforts to provide the best service possible to the global hedge fund community.’

Goldman Sachs, a global investment banking, securities and investment management firm with 31,495 employees worldwide, provides fund accounting, investor services and middle office services to external hedge fund clients from locations including the Cayman Islands, Dublin, Hong Kong, Jersey City and Princeton in New Jersey and now Toronto.

Goldman opened its first Canadian office in Toronto in 1987. It currently engages in proprietary investing and offers investment banking, institutional trading and sales, and asset management services to Canadian clients. The firm’s move follows that of UBS, which chose Toronto as a base for its hedge fund administration services division in 2006.

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