Governor Hochul Announces Capital Group to Invest $38 Million in New York City Expansion

Global Investment Management Firm To Create 200 New Jobs and Invest $38 Million in Manhattan Expansion

Project Supported by Up to $3 Million Through the Excelsior Jobs Program

Governor Kathy Hochul today announced that Capital Group, one of the world's largest active asset managers, will expand its New York City operations with a major growth project expected to create 200 new full-time jobs over five years and invest approximately $38 million in capital investments at 345 Park Avenue in Manhattan. The project, supported by up to $3 million in performance-based Excelsior Jobs Program tax credits, will strengthen New York's position as a global financial services capital while supporting continued job growth in the city's Midtown East business district.

"New York continues to attract world-class financial services firms because of our unmatched talent, infrastructure and business ecosystem," Governor Hochul said. "Capital Group's decision to expand in New York City and create 200 new high-paying jobs is another sign that the Empire State remains the premier destination for global finance and investment management companies looking to grow and compete."

Empire State Development President, CEO and Commissioner Hope Knight said, "Under Governor Hochul's leadership, New York continues to strengthen its position as the nation's financial capital and a leading destination for high-growth investment firms. Capital Group's expansion reinforces that momentum by creating hundreds of high-paying jobs and investing in additional office space in Manhattan, helping drive continued economic opportunity in one of New York's most important industries."

CEO of Capital Group's Client Group Matt O'Connor said,"This investment reflects our conviction that strong, human-centered partnerships matter, and that now is the right time to lean into one of our greatest strengths. As a private company, when others are stepping back, we're prioritizing talent and long-term client needs. We're focused on delivering two primary services to our advisors, solutions that can provide superior investment results over the long-term and true business partnership."

Read the full press release here.