PEI

Invesco unveils plan to add 200 jobs in Charlottetown

The investment management company says a new commitment from the province to provide up to $3.1 million in labour rebates over the next four years could see the company's staffing reach the 600 mark.

Provincial government commits up to $3.1M in labour rebates through to 2023

Andrew MacDonald says new staff being added in Invesco's Charlottetown office will provide services and account management for clients, or work in IT and cybersecurity for the company. (Shane Hennessey/CBC)

An investment management firm that opened a Charlottetown office 12 years ago with two dozen employees says it expects its local workforce to reach 400 by the end of 2019.

Additionally, Invesco says a new commitment from the province to provide up to $3.1 million in labour rebates over the next four years could see the company's staffing reach the 600 mark.

Invesco manages assets worth $930 billion for clients around the world, according to the head of the company's Charlottetown office, Andrew MacDonald. It currently employs about 360 people in the city.

MacDonald was one of the original hires who started working for the company in Charlottetown in 2007. He said back then he never imagined he'd be announcing an expansion like the company unveiled Wednesday.

'Quite an experience'

"It's been quite an experience," said MacDonald. "I feel very fortunate to have been there for those first 24 [hires], and I'm happy to see what the future holds." 

He said new staff being added in Charlottetown will provide services and account management for clients, but some will also work in IT and cybersecurity for the company.

Premier Wade MacLauchlan was at the company's headquarters Wednesday to announce a labour rebate for the company of 7.5 per cent for each additional full-time equivalent salary once the 400-employee mark is reached.

An additional 7.5-per-cent rebate will be applied for employees brought on with salaries over $50,000, although the company said most new hires would receive salaries in the $30,000 range. 

Millions in previous rebates

Those rebates are on top of an ongoing, 10-year commitment from the province to provide labour incentives to bring the company up to 400 local positions.

The company has already been provided with $7.5 million in labour rebates under that agreement, and is expected to collect another $2.1 million in rebates under that deal until 2023.

The company's new deal with the province will also expire in 2023, with rebates under the new agreement capped at $3,124,500 over that time.

Invesco began operating in Charlottetown in 2007. (Shane Hennessey/CBC)

MacLauchlan said the millions in labour rebates are a good investment for the province.

"What you're really rebating is a salary that's already been paid and it's in circulation in the provincial economy, and in an employment that we believe is going to be sustainable," said MacLauchlan. "This company, Invesco, is a very good demonstration of that."

MacDonald said that financial support from government has been a "critical piece" allowing the company to expand.

But "more importantly," he said, "the people and the talent in Prince Edward Island has been what's allowed us to grow." 

MacDonald said most of the people hired by the company to date have been from Prince Edward Island.

Invesco is the largest employer in the financial services sector on the Island.

According to government, that sector contributes approximately $297 million to the provincial economy.

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