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Thursday, June 04, 2015

Booth and Bettinger Are Both Looking East

News summary by MFWire's editors

David Booth and Walt Bettinger both seem to have big expansion plans in cities far east of their respective companies' hometowns. Yet don't expect either to move their headquarters just yet.

Will Boye of the Charlotte Business Journal reports that, according to unnamed "real estate sources," Dimensional Fund Advisors (DFA [profile]) is working with Cousins Properties on building out an East Coast operation (not an HQ move), one that could be more than 100,000 square feet and eventually accommodate "several hundred employees," at the Fifth Third Center building in uptown Charlotte, North Carolina.

Cousins bought that building last year, the article notes, and also worked with DFA on the latter's seven-story HQ in Austin, Texas. DFA's other big U.S. location, Santa Monica, California, was DFA's HQ prior to Texas.

As for discount brokerage giant (and retirement plan recordkeeper, RIA ally, and mutual fund shop) Charles Schwab [profile], for years Bettinger and his predecessors have fended off speculation that they might move Schwab's headquarters out of San Francisco. Yesterday Bettinger did so again, in an interview with Mark Calvey of the San Francisco Business Times.

Bettinger addressed Schwab's plans to shrink its San Francisco headcount to 1,200 (down from 1,900 now) over several years. He highlighted the "enormous advantages" that the Bay Area offers Schwab, while also talking up the wonderfulness of Denver; he told the paper that Denver will pass Phoenix as Schwab's biggest presence in two years. 

Edited by: Neil Anderson, Managing Editor


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