Charlotte is gearing up for a significant boost in job opportunities and economic growth with the announcement from Governor Josh Stein that AssetMark, a wealth management firm, will establish 252 new jobs in the city. Investing $10 million into Mecklenburg County, the move not only cultivates additional employment but also reinforces Charlotte's standing as a major player in the fintech industry, according to a statement obtained by Office of the Governor of North Carolina. Governor Stein underscored the region's education and workforce training programs, and its strong business climate as key elements in luring businesses like AssetMark to set roots there.
AssetMark, based in Concord, California, serves over 10,700 financial advisors and manages the wealth for more than 317,000 investor households. The firm, as per their chairman and CEO Lou Maiuri, aims to intensify its service quality by tapping into Charlotte's rich talent pool. "The committed investment from North Carolina allows us to grow our cross-functional presence in Charlotte so that we can better serve a significant portion of our clients," Maiuri told the Office of the Governor of North Carolina. The new jobs tout an average salary of $110,518, a notable rise from the county's average of $86,830, pumping an additional $27 million annually into the local economy.
Facilitating the expansion is a Job Development Investment Grant (JDIG) which estimates a 303 percent return on investment of public dollars, essentially yielding $4.03 in state revenue for every dollar potentially spent. The agreement, contingent on AssetMark meeting its job creation targets, would permit a reimbursement of up to $1,941,750 spread over a 12-year term. The project is predicted to enhance the state's economy by more than $1.2 billion.
Additionally, due to Mecklenburg County's Tier 3 classification in the state's economic tier system, a section of the JDIG funds, amounting to $647,250, are earmarked for the Industrial Development Fund – Utility Account. This account assists rural communities in financing infrastructure necessary for attracting businesses. Commerce Secretary Lee Lilley highlighted how fintech firms like AssetMark are drawn to North Carolina's vast IT talent and specialized training programs. "Charlotte’s place as one of the nation’s top financial centers grows stronger today with the addition of an innovative company like AssetMark," Lilley expressed in a statement obtained by the Office of the Governor of North Carolina.
State legislators, including Senator DeAndrea Salvador and Representative Mary Belk, have acknowledged AssetMark’s expansion into Charlotte. The North Carolina General Assembly, the North Carolina Community College System, and other local organizations worked with the North Carolina Department of Commerce to support the project.
