- Associated Press - Wednesday, July 8, 2015

CHARLOTTE, N.C. (AP) - A Texas-based investment management company plans to build its East Coast headquarters in North Carolina, generating more than 300 jobs within five years at its proposed Charlotte office, state and corporate officials announced Wednesday.

Dimensional Fund Advisors LP expects to spend $105 million on the project and would offer jobs with average annual salaries of $147,000 - two- and-a-half times the average wage in Mecklenburg County, which includes Charlotte.

The company’s proposed office building could be completed as soon as early 2018, with all of the estimated 316 announced jobs in place by the end of 2020, according to the office of Gov. Pat McCrory, who helped make the announcement in downtown Charlotte.

“Charlotte has established itself as the major financial center and is well-suited for Dimensional,” McCrory said in a news release. “This will be a great addition to North Carolina’s portfolio of financial companies.”

Dimensional, based in Austin, Texas, has offices in eight countries and more than 850 employees, providing portfolio management, design and trading. The company was managing $398 billion in assets worldwide as of March 31.

The company looked at a number of East Coast cities before choosing Charlotte, The Charlotte Observer reported (https://bit.ly/1CoPgBG). “We considered everywhere from Miami to Boston,” company co-CEO and chairman David Booth said, adding that incentives in part were an important factor in the decision to choose Charlotte.

A state incentives panel earlier Wednesday approved cash grants that Dimensional can receive if it meets job creation and investment targets. The Job Development Investment Grants, which are calculated based on a portion of the income tax withheld from salaries of the people hired for the new jobs, could result in $10.3 million for Dimensional over 12 years, the governor’s office said.

Wednesday marked the third JDIG award since the new fiscal year began July 1 - one for a metal works plant in Shelby and another for nutrition company Herbalife in Winston-Salem. The awards coincide with a $7.5 million increase on the cap approved in the 2013 state budget but took effect just last week. The amount was supposed to last for six months.

“We are effectively through that cap in one week,” state Commerce Secretary John Skvarla said, the newspaper reported. Skvarla and McCrory asked lawmakers early this year for even more JDIG capacity, but House and Senate Republicans are still at odds over the details.


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