Despite signs of retreat in the bull market, a number of mutual fund companies are spending hundreds of millions of dollars apiece to expand their operational, technical and training facilities.
Vanguard, of Malvern, Pa. is spending $500 million to expand its headquarters while Janus and Invesco, both of Denver, are spending $100 million and $50 million, respectively, on new headquarters. ING Funds is spending an undisclosed amount to build futuristic U.S. headquarters in West Chester, Pa. (MFMN 3/27/00) Fidelity Investments of Boston is building facilities to handle an additional 3,800 employees, or approximately a 12 percent increase of its current workforce of 31,000. (MFMN 9/1/00) Charles Schwab & Co. of San Francisco has just opened a new, 400-person call center in Austin, Texas. (MFMN 9/29/00)