Citi Fund Services Ohio plans to add 300 positions to its Columbus, Ohio, operations over the next three years, partially funded with the aid of state tax credits. The center currently employs 715 people.
The positions will range from entry-level to senior management in the areas of: administration, accounting, transfer agency, shareholder services, compliance, regulatory support, marketing and distribution.
“Citi as an organization has made a firm commitment to Columbus for this business line,” Joe Rezabek, head of North American fund services at Citigroup told The Columbus Dispatch.
Rezabek said Citi decided to expand its Columbus fund operations rather than its other North American location in Toronto because Columbus is near universities and large population centers filled with “intellectual talent” and people with “a strong work ethic.” Citi also believes Columbus is becoming a something of a financial hub, he said.
The Ohio Tax Credit Authority is giving Citi $2.4 million in tax credits over the next seven years. In return, Citi is required to maintain operations at the site for 10 years.
This is only one of 29 projects that Ohio is funding. Overall, the efforts will create 2,583 jobs and retain 4,701 positions.