UBS has opened a new hedge fund services office in Toronto to provide a range of hedge fund administration services for international asset managers.

The office will provide a complete range of hedge fund administration services for the firm’s North and South American hedge fund client base, using state-of-the-art technology, including web-based reporting.

It will be headed by Pearse Griffith, who said, “Toronto is a leading financial services centre with a concentration of corporate headquarters as well as associated professional services. With a large pool of highly qualified financial and technical employees, the city offers many businesses the opportunity to grow effectively.”

UBS currently has hedge fund services offices in the Cayman Islands, Dublin, New York and London, with plans to potentially open an office in Asia later this year. The division currently has US$108 billion ($122.9 billion) in assets under administration.

“UBS continues to invest and expand in Canada as part of its global growth strategy. With the increase in the hedge fund businesses here and abroad, Canada is an ideal location for many global companies,” Michael Wilson, chairman, UBS Canada, said.