SMITHFIELD – Fidelity Investments says its presence in Rhode Island is about to get bigger.
The Boston-based mutual fund giant announced Tuesday that it will close its Marlborough, Mass., facility over the next two years, shifting some of that operation’s 1,100 jobs to its Smithfield campus.
Fidelity, which already employs about 2,700 workers in Rhode Island, would not say how many positions would transfer to Smithfield. Some jobs also will be moved to Fidelity’s offices in Merrimack, N.H., and a few will go elsewhere in the country.
“It’s premature to provide specific numbers,” said Fidelity spokesman Vincent Loporchio.
The decision to shutter the Marlborough facility is part of an effort to consolidate the company’s New England operation, Loporchio said.
Fidelity, which employs about 8,400 people in Massachusetts, has cut its work force significantly since 2008, when it was rocked by steep stock-market declines. As individuals shifted their retirement nest eggs into safer money-market funds – which aren’t as profitable for Fidelity – the company’s income declined.
Fidelity’s overall employment topped 44,000 in the mid-2000s. Loporchio said that it stands at 37,000 now.
The Marlborough campus houses sections of the company’s personal, work place and institution services units. The closing of the office complex, where Fidelity owns two of three buildings, will be completed by the end of 2012.
The “vast majority” of workers will be offered jobs in Smithfield or Merrimack, Loporchio said.
Fidelity has about 4,600 employees in Merrimack and about 7,000 in Boston.
Those who come to Smithfield will have plenty of room. The 500-acre campus in a rural setting off Route 7 features three buildings, including a 577,000-square-foot office building that is said to be one of Rhode Island’s largest.
Michael Trainor, a spokesman for Gov. Lincoln D. Chafee, said Fidelity informed the governor’s office Tuesday morning without saying how many jobs are coming. Still, Trainor said, it was “good news for Rhode Island.”
Interesting that Fidelity notified the governor’s office that they eliminated some 1,100 jobs in Marlborough, Mass unless they are looking for taxpayer funded incentives for jobs they cannot identify that may come to RI.. I am so excited that some of these jobs may come to RI. Big Deal Fidelity enjoys what is called a single sale factor that exempts sales to people outside RI even though the sales were handled in RI.This reduces Fidelity’s tax bill by nearly 90% The governor’s budget proposes eliminated this. I will bet anyone out ther in la-la land a ham sandwich that the governor’s budget callin for eliminatition of this scam will not see the light of day. Stay tuned.