While the total number of projects had not yet been tallied, the 234 projects were already a new high on the previous record of 222 projects in 2008. Australia’s project numbers have grown steadily over the years, declining only slightly in the peak of the financial crisis in 2009.
One of the main drivers of this growth in projects has been the country’s booming financial sector. Data from fDi Markets showed that there were 28 financial services investments in 2008, up from only 8 in 2005. While this figure did decline in 2009, thanks to the global financial crisis, the number has rebounded solidly in 2010 with 23 projects to date.
Ian Martin, vice president of Berkshire Capital, commented that Australian merger and acquisition activity and a strong Australian dollar were enticing more investment firms to begin operations in the country. His firm recently announced plans to open a new office in Sydney, in an effort to expand into Australia’s wealth management industry.
Another major financial firm T. Rowe Price said it would be expanding its Sydney office, which would involve adding staff.