Governor Ernie Fletcher
Governor Ernie Fletcher announces expansion of Fidelity Investments in Northern Kentucky
FRANKFORT, KY: Governor Ernie Fletcher and Cabinet for Economic Development Secretary Gene Strong, along with officials from Northern Kentucky Tri-ED, announced today that Fidelity Investments will consolidate its Midwest operations and expand entirely on the Covington campus.
The project represents a $115 million investment and will create 1,500 jobs in the commonwealth.
“Fidelity has been a long-standing, valued corporate citizen for Northern Kentucky as well as the entire commonwealth for more than a decade,” Governor Fletcher said. “They’ve created job opportunities for thousands of Kentuckians and invested millions of dollars in our state. Fidelity Investments truly embodies the unbridled spirit of our state.”
The company will begin construction later this year on a new 350,000 square foot facility on its 188 acre campus, which currently houses more than 2,900 employees. The building will be the fourth built on the Covington campus since 1994 and is expected to open as early as the end of 2007.
“Fidelity wants to thank Governor Fletcher as well as all of the elected officials and business leaders who have worked hard to create a positive business climate, and a highly educated and talented workforce here in Kentucky," said Fidelity Investments Vice Chairman and Chief Operating Officer Robert Reynolds. “We look forward to expanding our facilities and committing to long-term job growth right here in Covington."
As an international provider of financial services and investment resources, Fidelity Investments offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to more than 19 million individuals and institutions as well as through 5,500 financial intermediary firms.
“Kentucky prides itself on building and maintaining long-standing business relationships with cherished firms and Fidelity Investments certainly is a firm that we cherish in Kentucky,” stated Secretary Strong. “We are proud to have ‘the most trusted provider of lifetime financial solutions’ in Kentucky with over 4,000 high quality jobs.”
Fidelity’s Midwest operations include a call center for Fidelity Personal Investments, which services retail mutual fund and brokerage customers; regional operations for Fidelity Institutional Retirement Services Company, which is the nation’s largest provider of 401(k) retirement plans and services for corporate clients; and a primary location for Fidelity Enterprise Processing Services which provides support to all Fidelity business units for its customer communications needs.
“Securing this Fidelity expansion has many positives for Northern Kentucky,” said Steve Pendery, Chairman, Northern Kentucky Tri-ED. “First, confidence in the Northern Kentucky market is exemplified because other targeted businesses heed smart location and expansions when firms like Fidelity Investments show such confidence in our area. Second, keeping and attracting quality jobs like these raise the standard of living of all in Northern Kentucky. Third, our youth in Boone, Kenton and Campbell counties have at least 1,500 more solid jobs to aspire for.”
Covington serves as one of Fidelity’s nine regional sites across the country. Headquartered in Boston, the company also has regional sites in New Jersey, Massachusetts, Rhode Island, New Hampshire, New York, North Carolina, Utah and Texas.
The Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved Fidelity Investments for tax benefits up to $10 million under the Kentucky Jobs Development Act (KJDA), an incentive program aimed at increasing the number of service- and technology-related jobs in the state.
The Commonwealth of Kentucky, through the Kentucky Transportation Cabinet and consistent with the current Six –Year Road Plan, will construct a 1.7 mile connector road from KY 17 at Highland Pike to Magellan Way and Crosby Parkway by December, 2007 based on Fidelity’s commitment to construct this 350,000 s.f. office building and employ an additional 1,500 persons on the Covington campus. This connector road will provide additional access to Fidelity’s campus and also “open up” more than 250 additional acres of landlocked property in Covington and Ft. Wright for commercial, industrial and residential development opportunities. The City of Covington and Kenton County Fiscal Court are participating in the funding and maintenance of this $17.5 million road project also.
Northern Kentucky Tri-ED is the regional economic development agency serving the counties of Boone, Campbell and Kenton counties as part of the Cincinnati metropolitan area. More detailed information about Northern Kentucky Tri-ED can be found at http://www.northernkentuckyusa.com.