American Funds, a division of Capital Group, has announced the opening of a funds service center, which will be located in the city of Chesapeake, Va., and will result in the creation of 250 new jobs, most with starting salaries of $30,000.

The $13.7 million operations center is going to be located in the Executive Park, in the Chesapeake Greenbrier Business District.

"With the addition of 250 exceptional jobs in Chesapeake, our organization is further strengthening its commitment to the commonwealth of Virginia," said Diane Sawyer, senior vice president of the American Funds Service Company. "Our dedicated associates in Norfolk, Virginia Beach, and, now, Chesapeake, are known for their service to thousands of financial advisers and their clients who own American Funds. This includes investments in the Virginia/American Funds College America Program, which is the largest 529 savings program in the nation."

The mayor of Chesapeake, Dalton S. Edge, is especially excited about the new announcement. "The City of Chesapeake is proud to welcome the American Funds division of Capital Group to our business community. As the world's best companies continue their efforts to maximize their long term business success, Capital Group's selection of Chesapeake confirms our city as a strong corporate location," he said.

The office building is 50,000 square foot office building is currently under construction.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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