The provincial government is investing about $3 million to help create 200 new jobs at Invesco in Charlottetown.
Invesco opened in the P.E.I. capital in 2006, operating out of the Atlantic Technology Centre with a modest 24 employees.
The global asset manager now boasts a workforce of 360 employees.
To support the expansion, the province will provide a labour rebate of 7.5 per cent for every full-time equivalent position once the company reaches 400 employees and an additional 7.5 per cent for every full-time equivalent employee with a salary over $50,000 until June 2023. The maximum value of the rebate will be $3,124,500.
Invesco manages about $930 billion for clients around the world and has offices in Houston, Atlanta, Toronto and India.
Invesco’s clients could be retail investors or institutions, governments or large corporations looking to have pension funds managed for their customers.
“We’ll have more folks doing our client services, (such as) interacting with clients primarily in North America and also more folks processing transactions on accounts,’’ said Andrew MacDonald, head of Invesco’s Charlottetown office. “We’re also looking to expand our technology presence and our cyber security presence, which has really grown over the last five years in Charlottetown.’’
MacDonald said they’re hoping to grow by 200 jobs over the next two years.
Premier Wade MacLauchlan said the province has invested more than $7 million in labour incentives since Invesco opened in 2006.
“The story is (P.E.I.) is a place to work with a talented workforce,’’ MacLauchlan said, adding that talks about the expansion started about a year ago.
“This is a clear sign that Invesco is invested in this community and very pleased with the quality workforce and strong government support it’s received since opening its doors here in 2006.’’
Bill Galvin, managing director and global head of transfer agency operations for Invesco, who is from Houston, said he knew nothing about Charlottetown when Invesco opened in the P.E.I. capital but was impressed by the quality of people UPEI and Holland College were pumping out.
“It’s really important to us as an organization to have high-quality talent,’’ Galvin said, noting that half of the 24 employees they started with here are still with the company.
MacDonald said the labour incentives have been extremely important in helping Invesco put down roots and grow.
“It's been a critical piece of our expanded operation here in Charlottetown,’’ MacDonald said. “More importantly, the people and the talent in Prince Edward Island has been what’s allowed us to grow from those original 24 to 360 today.’’
MacDonald said the vast majority of Invesco’s employees have come from P.E.I. or they relocate to Charlottetown, eager to take advantage of the quality of life.
He noted that the salaries for the new jobs will depend on what roles people fill but, in general, they will start in the $30,000 a year range.
MacDonald said there is enough space in the Charlottetown office on Euston Street to accommodate the 200 jobs, but they are considering looking for additional space either at their present location or other office space in the city.