Delaware-based PFPC Global Services Inc. opened its mutual fund processing center in Pawtucket in July and now employs 200 workers there.
The firm, a unit of Pittsburgh-based PNC Financial Services Group, announced in March its plans to lease and renovate an 80,000 square-foot mill building at 100 Freight St.
The company spent about $8 million renovating the building, although just half the space now is in use, according to PFPC Senior Vice President and General Manager Michael McCarthy.
“We do have another 40,000 square feet available, so there is expansion capability,” McCarthy said. “We’re exploring a number of different options and we’ll probably make some decisions within the next year.” The facility’s parking lot has more than 400 spaces.
McCarthy said part of the building’s extra space could be used to expand operations for mutual fund giant Primerica Financial Services. The facility was created to support PFPC’s five-year contract with the mutual fund company. The Pawtucket facility handles administrative functions for more than 3 million Primerica mutual fund accounts, McCarthy said.
The firm performs back-office functions for Primerica, such as accounting, account set-up and retirement services.
PFPC initially cited the area’s skilled workforce and the strength of Providence’s postal facility as key reasons for locating in Rhode Island. McCarthy said both elements have led to the facility’s smooth launch.
“We’ve been very successful finding people with considerable experience, despite the tight labor market,” McCarthy said. Most workers are Rhode Island residents, McCarthy said, while some came from PFPC’s existing offices in Massachusetts.
McCarthy said both the state and the city of Pawtucket offered financial incentives to land PFPC.
The office’s average annual salary is in the low- to mid-$20,000s, while some management positions are in the $60,000 range, McCarthy said. He said PFPC has recruited graduates of Johnson & Wales, where the company helped develop a mutual-fund accounting course.
McCarthy said the firm hopes to renew the contract with Primerica when it expires.
PFPC employs 5,400 workers in 20 locations in the United States and in Ireland, Luxembourg and the Cayman Islands.
