News Feed: Business Services

Business Services Investment News – provided by ShiftCentral

  • RIMES increases North American footprint with opening of Toronto office

    2014-04-01 - RIMES announced the opening of a new Toronto office to better service the company’s growing Canadian client base. The expansion comes at a time when Canadian buy-side firms and others worldwide are increasingly turning to managed data services to implement holistic approaches to data management and governance of index and benchmark data. According to John Farris, Head of North American Sales at RIMES ''The Toronto office expansion is key to serving not only our current clients, but also future ones as well. RIMES has had a strong presence in the Canadian marketplace and the time has come to establish a dedicated office with industry veterans on-the-ground.''

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  • Australian-based company freelancer.com opens doors in Vancouver

    2014-03-10 - The Vancoucer Economics Commission reports that Freelancer.com has opened a Vancouver engineering lab and plans to hire 20 employees. Freelancer.com is an outsourcing and crowdsourcing marketplace for small business. The platform connects over 9 million employers and freelancers globally from over 234 countries & regions. Through its website, employers can hire freelancers to do work in areas such as software, writing, data entry and design right through to engineering and the sciences, sales and marketing, and accounting & legal services.

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  • PNC Bank commercial banking services expanding in Canada

    2014-02-17 - PNC Bank received approval from the OSFI for a license to expand commercial banking services across Canada. The bank will now extend its Canadian commercial banking capabilities to include deposits and a comprehensive range of treasury management services for Canadian companies and U.S. companies doing business in Canada.

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  • Unigestion opens Toronto office

    2014-02-04 - Swiss money manager Unigestion announced the opening of an office in Toronto. The move signals Unigestion's ambition to expand and enlarge its client base across the country. Unigestion offers investment solutions and services to institutional investors across four investment strategies: risk managed equities, private assets, and alternative investments and cross asset solutions. Unigestion believes that its investment management service is ideally suited to the institutional investor segment in Canada.

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  • White Star Capital to set up operations in Montreal

    2014-01-19 - Premier Pauline Marois announced the opening of an office by White Star Capital in Montréal and the Québec government’s intention to invest $10 million U.S. in the fund. White Star Capital invests seed and start-up capital in companies in the information and communications technology industry. White Star's operations in Montréal will foster the channelling of foreign capital to Québec-based ICT companies and help attract world-class companies to Québec.

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  • Report: Canada represents a stable business climate

    2014-01-14 - According to a Foreign Direct Investment Confidence Index report, businesses from North America and around the world are attracted to Canada's strong economic performance because it's diversified economy is anchored by traditional industries like mining and energy as well as knowledge-based sectors, and a stable tax environment. Canada has vast resources of oil and gas and is the world's 10th-largest economy. It is also known for its solid banking system, which is consistently ranked as one of the best in the world by the World Economic Forum. The report also states that Canada's wealth of resources and pro-business environment has helped the nation to attract recent big investment projects from around the world.

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  • KKR to open Canadian office with plans to invest in energy companies

    2014-01-09 - Private equity firm KKR will open its first Canadian office in Calgary in late February as it seeks to tap into growing demand for private equity financing in the region and expand its presence in the global energy industry. ''We'd like to invest $500 million to several billion dollars over the next five years,'' including funds already invested in two Canadian energy-related companies, said KKR director Brandon Freiman. The planned investments will include providing financing instead of outright takeovers.

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  • UPS opens temperature controlled distribution facility in Burlington, Ontario

    2014-01-06 - With the opening of a UPS cold storage-temperature controlled distribution facility in Burlington, Canada now has an expanded healthcare distribution network. The new addition provides healthcare companies and pharmaceutical manufacturers increased access of temperature and humidity-controlled environments. For Kevin McConnell, Vice-President of UPS Supply Chain Solutions, the company has made healthcare a strategic priority, and in Canada the investment in both the new healthcare space as well as the large cold chain chamber represents its commitment to drive innovation in healthcare logistics.

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  • U.S. real estate firm RKF launches Toronto office

    2013-12-03 - By expanding into Toronto, RKF will be able to provide its U.S., Canadian and international clients, with access to the firm's services platform for all of their retail real estate requirements. A growing number of American retailers have launched stores north of the border in recent years, and retail analysts expect that trend to increase over the next few years as competition in the U.S. retail market continues to intensify. The RKF Toronto office will be led by Canadian retail services Steven Alikakos, who will serve as President and be the firm's Broker of Record once it receives its license.

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  • U.S.-based fund administrator Conifer joins growing hedge fund administration centre in Halifax

    2013-05-28 -

    San Francisco-based fund administrator Conifer Fund Services will open a fund administration office in Halifax as part of its strategy to grow in North America. Halifax was selected over competing locations based on Nova Scotia's nearshore advantages including cost, proximity to clients, and access to skilled talent. According to KPMG, Halifax is the fastest growing hedge fund administration centre in Canada. In KPMG's Competitive Alternatives 2012 Report, Halifax ranks number one out of all Canadian and U.S. cities surveyed for lowest business operating costs in the International Financial Services sector.

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  • Marsh announces growth plans in Nova Scotia

    2013-05-26 -

    Marsh is expanding its Captive Solutions Group by adding 60 jobs to its Halifax operation over the next five years. Marsh expanded to Halifax in 2006, when it had 10 international accounts under management, and today it has 300. It provides consulting, design and management services to more than 1,200 captive insurance companies around the world. A captive is a form of self-insurance by corporations, groups and consortiums. Many of Marsh's clients are Fortune 500 companies.

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  • Conifer Fund Services to open fund administration office in Nova Scotia

    2013-05-09 -

    San Francisco–based hedge fund business Conifer Fund Services is creating as many as 120 jobs in Nova Scotia. Jack McDonald, president and CEO of The Conifer Group said "Halifax will become a key centre for hedge fund administration because it has a highly educated and skilled labour force, low staff turnover, and a high quality of life." Conifer is working with the province's universities and Nova Scotia Community College to employ new graduates.

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  • Calif.-based Liolios Group opens Toronto office

    2013-03-25 -

    Liolios Group, a financial communications firm headquartered in California, representing micro to mid-cap companies, has opened an office in Toronto to expand the firm's global presence and serve its growing list of Canadian clients. John MacLennan has been appointed managing director of the new office, responsible for Canadian client services, including outreach to Canadian and U.S. investors, money managers, equity analysts and financial press on behalf of Liolios Group clients.

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  • IBM choses N.S. location for Global Delivery Centre

    2012-11-07 - IBM announced it has chosen Nova Scotia as the location for its only Global Delivery Centre in Canada. IBM expects to create up to 500 new jobs over the next eight years. IBM signed an agreement with NSCC and five universities to help develop a workforce with the right skills and training for the growing analytics industry. IBM will make student recruitment a major focus, and will invest in research at the institutions. A provincial government release says 500 employees would earn almost $130 million over eight years.

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  • Wells Fargo makes Canada top priority in international expansion

    2012-11-05 - Wells Fargo added 25 bankers in Canada as the bank makes the country its top priority for international expansion, said Richard Yorke, who leads the lender's international group. "The Canada strategy is clearly a part of our overall international strategy, and the strategy is focused around leveraging the American nexus, our capabilities and customer base in the U.S.," Yorke said. Wells Fargo received Canadian government approval in September to provide commercial and corporate banking in the country, adding to the bank's existing equipment financing and capital finance operations in Canada. The company plans to add an additional 20 employees within a year.

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  • CHS to acquire Canadian agricultural retailer

    2012-09-20 - Minnesota-based farmer cooperative CHS said it will acquire an Alberta-based agricultural retailer, DynAgra Corp., strengthening its footprint in the western province. DynAgra has about $30 million in sales annually and sells more than 32,000 tons of fertilizer each year, along with crop protection chemicals. It has four Canadian locations. Terms were not disclosed.

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  • Amazon Canada to open fulfillment facility on West coast, to create 100 jobs

    2012-09-17 - Amazon Canada Fulfillment Services announced it is planning to open a new facility in Delta, B.C. this fall, creating more than 100 full-time jobs. The company says the new Canadian fulfillment centre will be its first on the West Coast. The only other centre is in the Toronto area. The centres help the Seattle-based online retailer to deal with customs issues and fill the orders placed by Canadian customers. The plan was reviewed under the Investment Canada Act and was eventually approved, with the condition that Amazon invest more than $20 million, including $1.5 million for cultural events and awards and for promoting Canadian-authored books abroad.

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  • Alphanumeric Systems to create 150 jobs in Montreal

    2012-09-13 - U.S.-based Alphanumeric Systems, an information technology and learning services provider, announced the opening of its new offices in Montreal, which includes a global, multilingual clinical-application service desk, technical application support, as well as an administrative unit. The company, which has been established in North Carolina for over three decades, is now hiring 50 full-time workers in the Montreal region and plans to triple its staff in the next 12 months by providing tailored services to its North American customer base and new client acquisition.

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  • New Jersey-based Pershing comes to Canada

    2012-09-12 - Pershing announced the membership of Pershing Securities Canada, its new Canadian affiliate, with the TSX. Pershing says it will be rolling out its custody, clearing and execution services to Canadian advisors and broker-dealers later in 2012. Pershing Canada says it has successfully completed its initial testing and has planned a phased launch that will start with its first client being brought onto the platform in the fourth quarter of 2012. Pershing Canada plans to first offer its solutions to institutional firms that are IIROC members, followed by retail-oriented IIROC members. In addition, Pershing is planning the development of a new office in Toronto.

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  • BNY Mellon on hunt for business in Eastern Canada

    2012-07-10 - BNY Mellon is pushing for new business in Eastern Canada. To that end, BNY Trust Company of Canada has hired Brad Foley as VP and business development officer for the region, which includes Ontario, Quebec and the Maritimes. He will be responsible for "increasing the company's sales coverage" throughout the region, according to a statement. Foley, who was most recently an assistant VP of business development for Computershare Trust Company of Canada, will be based in Toronto.

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  • Elite, a Thomson Reuters business, creates 25 new ICT jobs in Moncton

    2012-06-05 - Elite, a Thomson Reuters business, is expanding its workforce in Moncton, N.B., creating 25 new full-time jobs. The investment will contribute $1.3 million annually to the province's GDP. Invest NB is providing $495,000 in financial assistance to the company through payroll rebates. Elite provides integrated information solutions to professional services firms worldwide.

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  • Canadian banks rated safest in world

    2012-04-10 - Canada's banks are collectively the soundest in the world, according to Moody's Investors Service, which recommended the financial institutions to jittery global investors. The agency rated all of Canada's big banks at double-A2 or better, higher than bank rankings in the U.S., Europe, the Asia-Pacific region and other areas of the world. Canada's big banks also posted good results in the first quarter of 2012, the agency noted. "The combination of strong underlying credit fundamentals, a prudent regulatory environment, sound government fiscal management policies, and a more stable real estate market have all contributed to the superior standing of Canada's banks," senior director Allerton Smith said in the report.

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  • Firm predicts merger wave will swell in 2013 to 2015 as weak banks succumb

    2012-02-07 - The gap between healthy banks and those that remain in the doldrums will fuel acquisition activity in the coming years, a Virginia investment management firm predicts. FJ Capital Management published an updated version of a 2011 white paper that argues an M&A wave is coming, even though the activity last year was a letdown. In 2011, 159 open-bank deals were announced, down from 175 in 2010. The rebound could even eclipse 1994, a blockbuster year for M&A following the economic downturn of the late 1980s and early 1990s. That year 526 deals were announced.

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  • Xerox acquires Oakville's LaserNetworks

    2012-01-04 - Xerox Corp., a Conn.-based printing company, acquired LaserNetworks, an Oakville, Ont.-based provider of managed print services. Although financial terms of the transaction were not disclosed, Industry Canada filings note LaserNetworks has annual revenues ranging between $10-million and $25-million, suggesting the final price tag would be above the high end of that range. Since being founded in 1987, LaserNetworks has been named Profit Magazine’s fastest growing company three times and currently has 189 employees. Under the terms of the deal, founder Chris Stoate will continue to lead the company as the top executive of a Xerox Canada subsidiary.

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  • Kanata-based March Networks bought by Chinese company

    2011-12-09 - March Networks, a Kanata-based developer of video surveillance technology, revealed it had agreed to be acquired by Infinova , a unit of Shenzhen Infinova of China, for $90 million. This was the culmination of nearly six months of searching by March Networks for a way out of an impasse. Even before March Networks’ board of directors decided last June to canvass a range of options — from mergers to private equity transactions — the company’s CEO Peter Strom had been discussing a business arrangement with Infinova, which generates the majority of its sales in China.

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  • Canada a good place to invest, Flaherty tells U.S.

    2011-12-01 - Canada's economic, fiscal and financial strengths are helping to increase business investment in the country, Finance Minister Jim Flaherty said. Flaherty said that Canada’s strong economic fundamentals, sound fiscal management and well-supervised financial sector support increasing business investment. Flaherty cited international recognition of Canada’s financial sector leadership, noting that for four consecutive years the World Economic Forum has rated Canada’s banking system as the world’s soundest.

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  • UPS to expand in Atlantic Canada

    2011-11-06 - UPS says it will expand its Canadian network by opening its own operations in Atlantic Canada next April, creating about 250 jobs. The package delivery giant said it will begin pickup and delivery services in Moncton and Halifax, replacing its current agent. UPS says it will add other cities to the network later in 2012. The expansion involves a multimillion-dollar investment from the company based in Mississauga which is part of the UPS, a global package delivery company based in Atlanta, Ga.

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  • BofA to sell Canada credit cards to TD, exit UK, Ireland unit

    2011-08-14 - Bank of America agreed to sell an approximately $8.6 billion Canadian card unit to Toronto-Dominion Bank and exit U.K. and Irish card markets as the firm limits international consumer lending. TD will pay $7.6 billion for Bank of America’s MBNA Canada unit and assume about $1.1 billion in liabilities. Bank of America’s portfolios in the U.K. and Ireland have a combined $19 billion in credit card loans and more than 4,000 employees, the bank said.

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  • Global investors seek out more Canadian hedge funds

    2011-07-05 - As Canadian hedge fund managers grab the attention of global investors, many are setting up offshore investment vehicles to capture the new money, reports The Wall Street Journal. The offshore products allow non-Canadians to invest in Canadian funds without being subject to a 25% tax on dividends. The heightened interest from foreign investors will likely give a boost to the $9 billion Canadian hedge fund industry. To global investors, Canadian funds, many of which invest in mining and resource businesses, represent a way to tap the commodity rally driven by growing emerging markets.

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  • New players entering Canadian ETF market

    2011-06-26 - A new wave of investment groups is flooding the ETF market in Canada; Vanguard Group and PowerShares are joining First Asset Capital in offering ETFs in Canada. BMO Western Canada ETF head Mark Webster, responding to Vanguard's announcement, said: "Obviously it's a huge competitor, but the reality is that when you have somebody of that stature coming into the Canadian marketplace, it's going to attract a lot of attention to the ETF world, and all the participants are going to be beneficiaries."

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  • Bank deals seen driving Asian M&A

    2011-06-26 - Reuters reports that bank M&A in Asia is set to accelerate as small and inefficient lenders in the region look to attain scale and drive shareholder returns. In addition, cross-border deal activity will likely be limited by the foreign ownership restrictions in many countries in the region with an estimated $16 billion worth of live or planned deals between banks, bankers say. Overall, dealmaking in Asia grew at a healthy pace in the first half of 2011, driven largely by the material and industrial sectors and showing buyers were unfazed by slowing economic growth in China and India and rising interest rates in many parts of Asia.

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  • U.S. Bank launches Payment Plus for business customers in Canada

    2011-06-23 - U.S. Bank announced the Canadian launch of its Payment Plus tool, which replaces traditional payment methods with cardless accounts that use dynamic credit adjustment, single use accounts or straight-through processing to pay vendor invoices.

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  • U.S.-based DST Systems invests in Vancouver firm

    2011-06-20 - Kansas City-based DST Systems Inc. has bought Subserveo Inc., a broker-dealer and investment adviser firm in Vancouver. Subserveo's systems allow compliance officers and branch managers to conduct automated oversight of daily trading activity and the suitability of investments for customers.

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  • B4 Consulting opens new office in Canada

    2011-06-08 - Massachusetts-based B4 Consulting, which helps companies grow with SAP software, services and support, announced the opening of its Canadian subsidiary, headquartered in Toronto. With offices in the U.S. and Germany, the opening of B4 Consulting in Toronto expands the firm’s North American market presence. Moreover, it enables B4 Consulting to meet the needs of midsize companies throughout Canada by offering them the complete portfolio of SAP midmarket solutions.

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  • Vanguard launches Canadian investment business

    2011-06-06 - Pennsylvania-based investment management company Vanguard is expanding in Canada with the creation of Vanguard Investments Canada. The firm's focus will be to offer investment products to Canadian investors through investment advisors. The Canadian operation will have its head office in Toronto.

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  • ICBC promises makes commitment to open branch in Calgary

    2011-06-05 - A trade, tourism and investment trip in China led by Calgary Economic Development, as well as Tourism Calgary, generated a commitment from Industrial and Commercial Bank of China (ICBC), the country's biggest bank, to open a branch in Calgary. The bank does a lot work for oil companies and has a market capitalization of more than $250 billion.

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  • U.S. private equity has Canada in its sights

    2011-05-31 - U.S. private equity firms are increasingly eager to buy assets in Canada, an RBC investment banker says. "I would say the M&A business right now is pretty robust in Canada," said Alan Hibben, a managing director for M&As at Royal Bank of Canada. Hibben said Canadian M&A activity also has been driven by healthy corporate balance sheets and a debt market nearly as open as it was before the U.S. credit crisis.

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  • Arise Virtual Solutions enters Canada to provide at-home virtual business services

    2010-12-22 - Arise Virtual Solutions, a provider of virtual business services headquarterd in Ireland, announced it is expanding to Canada to provide at-home virtual business services, enabling Canadian and global brands to provide a better customer experience with localized customer service, sales and technical support to Canadian customers.

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  • UK's Sims Recycling Solutions opens new facility in Mississauga

    2010-12-20 - It is said that Sims Recycling Solutions (SRS) has opened a new electronics recycling facility, a 287,000-square-foot facility, in Mississauga, Ontario. This new facility will include a mechanized cathode ray tube recycling process that yields commodity grades of leaded and non-leaded glass from monitors and televisions; better metals recycling technologies; and the newest plastic separation technology allowing for closed loop recycling of plastics.

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  • London based Intertek expands presence in Western Canada

    2010-12-15 - Intertek, a provider of quality and safety solutions serving, announced the expansion of its hazardous locations certification services with a new location in Edmonton, Alberta. The Edmonton office is said to be a strategic expansion to provide local service to existing clients in this region, engage new companies, and provide additional solutions to the local energy industry.

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  • Gorilla Nation opens Montreal office

    2010-12-14 - Gorilla Nation, based in L.A. and the world's largest online branded sales company, is expanding its presence in the Canadian market by opening an office in Montreal and appointing Jean-Sebastien Tremblay as the Director of Sales for Eastern Canada. Tremblay will be responsible for growth in the French Canadian market and will be in charge of GN Canada's new office in Montreal.

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  • Mountain View, Calif.-based Intuit launches Mint.com services in Canada

    2010-12-06 - Intuit Inc. announced that it has expanded the personal finance site Mint.com to cover Canada. The website connects to Canadian banks and credit union, offering consumers a variety of financial services. Mountain View, Calif.-based Intuit said Mint.com has more than doubled its user base since the acquisition to 4.5 million users, and doubled the number of financial institutions it connects to, to 16,000.

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  • Barclays boosting Canadian presence

    2010-12-02 - British banking giant Barclays is boosting its Canadian operations because it says, Toronto has become a financial centre worldwide. Barclays Capital opened a new Toronto office, while quietly expanding in Canada since 2007 with 65 employees working in investment offices in Toronto and Calgary. It's expecting to really step up its presence in 2011 with the addition of new sales, trading, mergers and acquisitions and foreign exchange staff.

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  • Texas' Hisco expands into Canada

    2010-11-08 - Texas-based Hisco has opened a new Canadian division, HiscoCan, located in the greater Toronto area. The new office will service the Canadian electronics assembly and industrial markets. Hisco delivers value to customers through quality products, process solutions and local inventory.

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  • Utopia, Inc. opens office in Canada

    2010-10-28 - Utopia, Inc., a global leader in enterprise data lifecycle management solutions, recently announced the opening of their first Canadian office in Vancouver, B.C. Utopia is headquartered out of the US and already has global operations with offices and operations in the Middle East, India, and Asia Pacific.

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  • New York's Weber Shandwick opens office in Montreal

    2010-10-24 - New York based public relations agency Weber Shandwick has announced the addition of a Montreal office to its Canadian contingent, naming François Taschereau executive vice-president and general manager. The opening of the Montreal office now gives Weber Shandwick true national reach and that Taschereau's experience makes him ideal to head up the agency in this new market.," said Weber's Canadian president. The new office, consisting solely of Taschereau for now, will go a long way in supporting the firm's other offices in Toronto, Ottawa, Calgary and Vancouver.

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  • SimCorp expands in Ontario to address pension fund needs

    2010-10-21 - Copenhagen-based SimCorp has opened a Toronto office as it continues to make inroads selling software to help Canadian buyside institutional investors manage their strategies at a time of increasing uncertainty in equity and other markets. SimCorp will use its Toronto office to offer local account management and technical support for its regional clients.

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  • L.A.-based Andrews International opens offices across Canada

    2010-10-06 - Headquartered in Los Angeles, Andrews International, the largest privately-held, American-owned full-service provider of security and risk mitigation services, announced it has opened five new offices in Canada to expand the delivery of its security services. Andrews International's new Canadian offices are located in Calgary, Edmonton, Montreal, Toronto and Vancouver and will offer uniformed security, consulting and investigations, personal protection, asset protection/strike security, special event security, training, alarm monitoring and response, and disaster and emergency response services in all 50 states and across the globe.

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  • Gemalto expands Canadian facility for enhanced EMV migration services

    2010-09-30 - U.S.-based Gemalto has announced the expansion of its Burlington, Ontario facility aimed at serving its growing EMV customer base in Canada. The investment will double the capacity of the site, which is the first in Canada to personalize dual-interface smart banking cards, and accommodate the need for delivering additional cardholder services. Gemalto's Burlington facility provides EMV payment cards as well as data preparation, card personalization and fulfillment services for numerous financial institutions throughout Canada.

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  • Apex Fund Services opens Toronto office

    2010-09-30 - Apex Fund Services, of Bermuda, has boosted its North American presence with an office in Toronto, Canada. Alex Chapman will head the new office of the hedge fund administrator. Reflecting the rapid growth of Apex Fund Services, the company now has offices in 15 countries.

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  • Canada's banks rated most stable in the world

    2010-09-09 - Canada's banking system has been ranked the worlds soundest for the third straight year by the World Economic Forum. The think-tank also puts Canada in the top 10 countries for availability of financial services, corporate ethics, and overall quality of the educational system.

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  • Michigan's LeanLogistics opens Canadian office

    2010-09-09 - Michigan-based LeanLogistics, a provider of software-as-a-service transportation technology and supply chain services, has announced the opening of a principal sales and service office in Mississauga, Ontario, operating as LeanLogistics of Canada. This new office will provide sales and support for the full suite of LeanLogistics On-Demand TMS technologies and supply chain services.

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  • BNY Mellon expands in Canada with wealth firm acquisition

    2010-09-02 - BNY Mellon has announced the purchase of I3 Advisors of Toronto, an independent wealth strategy company with more than $3.8 billion in assets under advisement. This transaction represents BNY Mellon's first wealth management acquisition in Canada. "Together, we will be able to build on the success of I3 to offer a whole new level of service to wealthy investors. Canada's high net-worth market represents a very attractive opportunity for BNY Mellon as we accelerate our global expansion and seize new opportunities in dynamic markets," said BNY Mellon Wealth Management CEO Larry Hughes.

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  • Chicago's iFranchise Group sees opportunity in Canadian market

    2010-08-24 - The iFranchise Group, a franchise consulting firm based near Chicago, recently joined the Canadian Franchise Association. Company executives believe that the Canadian franchise market is one of great opportunity and potential for businesses of all types and sizes. The iFranchise Group expects to continue to provide services to Canadian companies on an ongoing basis.

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  • U.S. based Kogent Corporation continues its North American expansion

    2010-08-23 - California-based Kogent Corporation, a firm that provides prebuilt, industry-specific Business Intelligence (BI) solutions, has hired new Vice President, Eastern Canadian Operations to spearhead Kogent's strategic expansion into the Canadian market. Kogent will provide BI, Data Warehousing and Analytics solutions to help companies make smarter business decisions.

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  • RBI considers corporates in banks, highlights Canada model

    2010-08-12 - Industrial and business houses may be allowed to set up banks, with the Reserve Bank of India (RBI) saying it could be one way to broaden the reach of banking in the country and thereby achieve inclusive growth. The RBI has laid out options for the minimum capital required and the extent of promoter shareholding where it has highlighted the Canadian model. It has also said that the aggregate non-resident investment, including FDI, NRI and FII, could be capped a suitable level below 50% and locked at this level for 10 years.

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  • Citigroup plots growth plan for Canada

    2010-07-14 - After slashing its global operations over the past two years, Citigroup Inc. is girding for expansion in Canada. The bank is shifting gears at its Toronto headquarters after tapping a new head of Canadian operations. John Hastings, a long-time Citigroup executive in Canada who was named to the job this month, said that his goal over the next three years is to build up the corporate and investment banking business in Toronto, Montreal and Calgary, while also repairing the bank's bruised image.

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  • Industrial and Commercial Bank of China launches in Canada

    2010-07-07 - Industrial and Commercial Bank of China (ICBC) will begin retail and corporate banking operations under the banner Industrial and Commercial Bank of China (Canada), the bank recently. ICBC Canada will provide a business platform for ICBC to further expand into the Canadian market and further strengthen the ICBC’s North American presence. The new bank will have a client base of around 10,000 retail and corporate customers. Jiang Jianqing, chairman of ICBC, noted that Canada was one of the most important markets in the world. "One of Canada's strengths is the country's advanced and prudent financial regulatory system. With such network in place, I am confident in the growth opportunities for our Canadian subsidiary in the years to come," he said.

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  • PNB focuses on overseas expansion, eyes Canada

    2010-06-17 - India's second largest public sector lender Punjab National Bank (PNB) is planning an international expansion to double revenues from international operations by 2013, chairman and managing director, KR Kamath, said. "The bank is planning to start a subsidiary in Canada to tap its huge Punjabi population," he added.

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  • Willis Re of London, UK opens new office in Toronto

    2010-06-16 - Willis Re, the reinsurance arm of London-based Willis Group Holdings, announced the establishment of a new office in Toronto, Canada. The office will complement Willis Group's existing presence in Toronto. Willis also has offices in Montreal, Vancouver and Calgary. According to this press release, Toronto is fast becoming the hub of the Canadian insurance industry, which has shown steady growth in recent years. Peter Hearn, CEO, Willis Re, said: "Adding an office in Toronto will enable us to build on our success in Canada and offer an enhanced level of service to our current and future clients."

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