"In launching its Canadian offices, Capco confirms its solid commitment to work with clients here to achieve measurable, transformational change in the delivery of financial services," says Jos Schmitt. Based in Toronto, Mr. Schmitt is Managing Partner of Capco’s operations in Canada. He also heads the firm’s global Market Infrastructure practice. Capco employs about 80 staff in Canada.
"There is a tremendous opportunity for Canada to establish a leadership position in the global financial services sector when we leverage this country’s economic strength, the quality and diversity of the labor force, current technical and operational capabilities and Canada’s geo-political position," says Schmitt. "And, it is Capco’s ambition to assist the Canadian financial services industry in this endeavor by providing an expert local team which will be fully leveraged and complemented by Capco’s international thought-leaders."
The benefits of Capco’s ability to combine local expertise and international thought-leadership have already been demonstrated by a recent study Capco completed for the Canadian Capital Markets Association (CCMA). The study found that Canadian capital markets, while having made significant strides towards achieving higher efficiencies, especially at the retail level, can further enhance the post-trade processing of institutional trades. The result would be reduced costs and operational risk, strengthening Canada’s competitiveness in an increasingly global market place.
Also based in Toronto, other members of the new Canadian leadership team are Ido Gileadi, who leads the technology practice, and Nick Jackson, who heads up the wholesale banking practice. Miriam Tuerk leads the retail banking and payment practices and is also responsible for business development activities. Based in Montreal, David Pascal heads up the management and delivery of finance and risk projects.
The expansion into Canada comes on the heels of the opening in December 2004 of a new service delivery center for Capco in Bangalore which houses 100 employees, with plans for expansion to several hundred additional employees longer-term to support Capco’s rapidly growing global client base.