Global wealth management firm Merrill Lynch & Co., Inc. has selected Toronto as the location for a new technology centre.

Merrill says several hundred highly-skilled professionals in the financial services and technology fields will be employed at the centre, many of whom will be chosen from Canada’s extensive pool of talent in the fields of technology and financial services.

Lynn Patterson, country head for Merrill Lynch Canada, stated: “Today marks an important milestone in Merrill Lynch’s more than 50-year presence in Canada. To expand and maintain our competitive edge we need constant access to the world’s best pools of talent, which is why we have selected Toronto as the location for our new Technology Centre.”

The center will house a number of “Centres of Excellence” — where technology teams will create innovative systems for such Merrill Lynch businesses as global data management and business intelligence solutions, risk and analytics services, and financial futures and options.

“The Toronto Centre will be the latest in a series of research and innovation technology centers spread throughout the world in order to capture the best possible pools of talent and to support growth opportunities around the world,” said Ajit Naidu, head of global equity markets & services technology. Other centres exist in Singapore, Camberley (UK), Dublin, and Jacksonville (Fla.).

“The Toronto technology hub will create jobs for Canada, enhance our efficiency and strengthen our business model,” Patterson. “In doing so, we believe this move cements our already strong presence in Canada and lays the foundation for even stronger growth in years to come.”