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The West Coast asset manager is expected to invest $60M in Queen City expansion
(Photo: Kevin Young/The 5 and 2 Project for The Charlotte Ledger)
by Ashley Fahey
Capital Group, which is headquartered in Los Angeles, will be bringing 600 jobs to Charlotte after a vote on state incentives at the state’s Economic Investment Committee meeting this afternoon.
It’s the latest financial services jobs win for the Queen City, which has been on a hot streak of landing jobs from new-to-market companies like American Express and Pacific Life Insurance Co.
The Charlotte Ledger first reported that Capital Group was eying Charlotte for hundreds of jobs last month.
The Department of Commerce’s Economic Investment Committee voted in a special meeting on Thursday afternoon to issue Capital Group a total Jobs Development Investment Grant of $22M, which will be paid out if the company meets hiring and investment targets. The city of Charlotte and Mecklenburg County are expected to offer about $1M in combined incentives, though that investment still needs to be voted on.
The jobs are expected to have an average wage of $194,142, according to a presentation of the JDIG during Thursday’s meeting. Capital Group is expected to invest $60M by the end of 2031 in the Charlotte operation.
Indianapolis was also competing for the expansion, according to state economic development officials, and said incentives offered by the state and local governments pushed the company to pick Charlotte. Capital Group has an office in Indianapolis that employs hundreds.
Capital Group, established in 1931, says it has $3.2 trillion in assets under management.
It wasn’t immediately clear where Capital Group would plant its office in Charlotte, but The Ledger has heard the company was looking to secure more than 100,000 sq. ft. of office space in uptown.
Related Ledger article:
“Will a West Coast firm be Charlotte’s next big jobs win?” (Real Estate Whispers, Feb. 18)