American Funds has chosen Chesapeake, Va., for its newest funds service center. The company selected Chesapeake over several other American cities where other American Funds offices exist.
The Capital Group, parent company of American Funds, announced that their new $13.7 million operations center will be located in the Liberty Executive Park, part of Chesapeake’s Greenbrier Business District. The center will house the funds management operations of American Funds, which manages more than $750 billion in assets and is one of the nation’s largest mutual fund families. Operations at American Funds’ existing Hampton Roads offices will not be affected by the opening of the new facility.
“With the addition of 250 exceptional jobs in Chesapeake, our organization is further strengthening its commitment to the Commonwealth of Virginia,” said Diane Sawyer, senior vice president, American Funds Service Company, one of the Capital Group companies. “Our dedicated associates in Norfolk, Virginia Beach and, now, Chesapeake, are known for their service to thousands of financial advisers and their clients who own American Funds. This includes investments in the Virginia/American Funds CollegeAmerica program, which is the largest 529 college savings program in the nation.”
The 50,000 square foot office building is under construction in the Liberty Executive Park, at the corner of Volvo Parkway and Executive Drive in the Greenbrier Business District. It is the fourth of five “Class A” office buildings to be built there. Liberty Property Trust, a publicly traded REIT, began developing the property in 2001. The two original 50,000 square foot buildings were leased by Dendrite International, a pharmaceutical software company. A third building was started shortly thereafter, with Pitney Bowes signing on as the major tenant.
Construction began on the fourth building earlier this year, and groundbreaking for the fifth and final building is scheduled for early 2006. All of the buildings except the first two have been built on speculation.
American Funds has started recruiting from temporary offices in the Greenbrier area, and is expected to move into the Liberty Executive Park when construction is complete in June 2006. The new positions will involve providing online and telephone services to shareholders and financial planners throughout the country.
The Capital Group is a 70-year-old investment management company that manages the third largest mutual fund family in the United States. Headquartered in Los Angeles, Capital Group serves a growing group of worldwide investors made up of millions of individual mutual fund shareholders as well as thousands of leading corporations and institutions.
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