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Monday, August 01, 2005

Fido Expands in Ocean State

by: Theresa Sim

Fidelity Investments plans to spend $65 million to expand its offices in Smithfield, Rhode Island, reports the Boston Globe.

The money manager will add 1,000 "well-paying" jobs and a third building in Smithfield.

It was not immediately clear whether the new Rhode Island jobs will come at the expense of jobs located elsewhere.

Fidelity also has offices in Boston, Massachusetts; Covington, Kentucky; Jersey City, New Jersey; Marlborough, Massachusetts; Merrimack, New Hampshire; New York City; Raleigh, North Carolina; Salt Lake City, and Westlake, Texas.

The move follows Fidelity's win of newly passed the Jobs Growth Act that allows companies to halve taxes on workers' bonuses. To be eligible for the tax breaks, companies must add at least 100 new workers with a payroll of $10 million in the state.

Fidelity's new institutional money management unit, Pyramis Global Advisors, will also move to the Smithfield facility in 2008. The unit's approximately 50 investment professionals are currently operating out of a Boston office.  

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