Capital Group Selects Charlotte for East Coast Hub, Bringing Jobs, Investments

Capital Group announced Thursday it will open an East Coast operations hub in Uptown Charlotte. The move brings 600 jobs over 12 years and injects $60 million into the project. This Los Angeles-based investment manager oversees $3.4 trillion in assets.

"Charlotte stood out as a natural fit for Capital Group's next phase of growth," said Rob Klausner, chief operating officer of the firm, according to WCNC.com. "North Carolina's strong financial services ecosystem, growing talent base, and long-term outlook align closely with our priorities as a firm."

New positions will span software, data, and AI engineering, data science, investment operations, marketing, and global business services. Workers will earn an average of $194,141, pushing annual payroll past $116 million.

Jobs will begin in Charlotte next year. The firm will shutter its Virginia office in Hampton Roads by late 2027 as part of this expansion, Bloomberg reported Thursday.

State officials granted a Job Development Investment Grant worth $17 million in reimbursements spread across 12 years. Those payments hinge on Capital Group hitting job and investment targets. Charlotte and Mecklenburg County combined kicked in $1 million in local incentives.

"Charlotte's reputation as one of the nation's top banking centers has attracted Capital Group to establish its East Coast hub here," said Gov. Josh Stein. "North Carolina offers a talent pool that's especially well-suited to helping financial services companies like Capital Group succeed in our state."

Indianapolis was also in the running. Capital Group already has about 900 workers there. Mark Poole, director of commerce finance at the N.C. Department of Commerce, said incentives played a big part when the company's executive committee made its final decision.

The privately owned company dates back to 1931 and now has more than 9,000 workers across 33 offices worldwide. Its parent company is Capital Research and Management Co. The firm gained fame for managing the Investment Company of America, one of the nation's first mutual funds.

Charlotte Mayor Vi Lyles called this win a strong endorsement of the city's rise as a leading hub for financial technology. The announcement caps off 2025, when Charlotte had its most successful recruitment year in over a decade — 15 project announcements that produced more than 3,880 new jobs and over $424 million in investment.

State officials predict the deal will pump $5.2 billion into economic growth during the grant's lifespan. For every public dollar spent, the state anticipates $4.41 back in tax revenue. About 157 new residents arrive in the region each day.