is concentrating more of the Nationwide Funds
] team in one location.
| Mike Spangler|
In a statement e-mailed to MFWire
, Nationwide investment management group president Spangler confirms that the Columbus, Ohio-based insurer will move 100 positions to Columbus from King of Prussia, Pennsylvania by January 1, 2017. As part of the shift, Nationwide will shut down the 17-year-old King of Prussia office (outside Philly).
Harold Brubaker of the Philadelphia Inquirer reported
on the news.
"All 100 King of Prussia associates will be offered the opportunity to relocate to Columbus to join the other Nationwide financial services businesses," Spangler states. "We believe there is an advantage in connecting our investment management capabilities and delivering them to our members under one brand and one team in a centralized geographic location."
No other offices are impacted by this announcement. We value our associates, and we will work closely with all impacted associates as well as our business partners to ensure a smooth transition throughout 2016 ...
While every associate will be offered the opportunity to relocate to Columbus, Ohio and remain in their position, we understand relocation is not an easy decision and may not be viable for all associates. That's why we are giving our associates who are affected as much advance notice as possible and offering them a full range of transition support services and benefits. These include, but are not limited to, free and confidential counseling services, relocation benefits, financial counseling and outplacement services. Any associate who chooses not to relocate and remains employed with Nationwide through Dec. 31, 2016 will be eligible for severance benefits.
Nationwide's investment management unit now has $60 billion in AUM, and Spangler calls the unit "an important and growing part of Nationwide's long-term strategy."
Neil Anderson, Managing Editor
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