The Capital Group Companies will invest $12 million to expand its American Funds customer service center in Chesapeake, Va., and create 250 new jobs. The company is one of the largest investment management firms in the world, managing investments for mutual fund investors, institutions and high net-worth individuals.
The Chesapeake center provides customer service to American Funds investors, including investors in the Virginia/American Funds CollegeAmerica program. This new expansion will almost double the capital investment and number of new jobs since the Capital Group first came to Chesapeake in December 2005.
The Capital Group Companies employs almost 800 associates in three offices in the Hampton Roads area – the original service center and distribution center in Norfolk and the satellite service center in Chesapeake at 1301 Executive Blvd.
The Capital Group is a 76-year-old, privately held investment management organization and the home of American Funds, one of the three largest mutual fund families in the United States. It is also one of the world’s premier institutional investment management firms, dedicated to helping mutual fund investors and institutional clients realize their financial goals. The organization operates from 20 offices world wide, with more than 8,000 associates.
“We have had tremendous success in finding quality associates in the Chesapeake area,” said Diane Sawyer, general manager of the Capital Group’s American Funds Hampton Roads operations. “These associates are thriving in our unique work environment, which fosters respect for the individual, collaboration and integrity. We’re confident that we can find 250 more fine associates to serve our American Funds investors in Chesapeake.”
The Virginia Economic Development Partnership worked with the City of Chesapeake and the Hampton Roads Economic Development Alliance to secure the project for Virginia. The state approved $200,000 from the Governor’s Opportunity Fund to assist Chesapeake with the project. The Virginia Department of Business Assistance will support the project with training assistance through the Virginia Jobs Investment Program.
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