Financial Giant Picks Ontario For Fund Administration

    Toronto Seen As Canadian Hub For The Financial Services Industry

    TORONTO, July 4 /CNW/ -


    The Goldman Sachs Group, Inc., one of the world's leading investment
banking, asset management and securities firms has chosen Toronto to grow and
diversify its hedge fund administration business.
    Goldman Sachs has opened its newest Goldman Sachs Administration Services
(GSAS) office in Toronto with Fund Accounting and Investor Servicing areas of
its hedge fund administration operations.
    Ranked in the top five worldwide among hedge fund administrators for
single manager hedge funds, GSAS' assets under administration total
approximately $225 billion. Goldman Sachs was also ranked as the number one
Overall Fund Administrator in Institutional Investors' Alpha Awards in 2006
and 2007.
    GSAS will begin operations with a full staff complement and intends to
grow its business and Ontario personnel over the next five years. The move
validates Toronto's reputation as a global hub for the financial industry,
thanks to its 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," said Sandra Pupatello, 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."
    "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," said Grant Jackson of GSAS.


    -   Goldman Sachs is a leading global investment banking, securities and
        investment management firm. The company employs 31,495 people

    -   Goldman Sachs provides fund accounting, investor services and middle
        office services to external hedge fund clients from global locations
        including Cayman Islands, Dublin, Hong Kong, Jersey City and
        Princeton - and now Toronto.

    -   Goldman Sachs opened its first Canadian office in Toronto in 1987.
        The company currently engages in proprietary investing and offers
        investment banking, institutional trading and sales, and asset
        management services to Canadian clients.

    -   The move by Goldman Sachs follows the lead of major financial player
        UBS, who chose Toronto as a base for its hedge fund administration
        services division in 2006.


    Interested in Investment and Trade in Ontario?
    Visit the Ministry of Economic Development and Trade.
    Find out more about Goldman Sachs. (

                                                      Disponible en français

For further information:

For further information: Leigh-Ann Popek, Minister's Office, (416)
325-0362; Eleanor Hendrickson, Communications Branch, (416) 326-8465

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