Business is booming for BNY Investment Management Services, so the Bank of New York subsidiary is opening an office near Orlando in Florida. An increase in business, particularly in fund accounting, has necessitated the measure, which allows the firm to add staff in a more advantageous market environment.

The first staffing hires will be in the fund accounting area; currently, all fund accounting is handled in New York. Can snow-addled employees expect a pink slip?

"There aren't any jobs being eliminated in New York," said Cary Giacalone, vice president of public relations. "This is a growth center."

The new facility will house fund accountants, application programmers, and support staff. The move is fueled in part by BNY's perception that business in the fund accounting area is only getting better.

"We've got new contracts coming on that we know about already, and new business wins that haven't been signed yet but will be happening this year," said Giacalone. "There is ancitipation that this business will continue to grow for us."

The firm expects the office to bring 330 new jobs to the Seminole County city of Lake Mary, where it will occupy 82,000 square feet of a new building. Key among attractive area features, such as tax incentives, were nearby colleges, which BNY will tap for educated employees. 

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