Financial services firm plots 1,000-job expansion in Durham
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Photo Illustration: Lindsey Bailey/Axios. Photo: Discover Durham
Financial services firm Aspida plans to expand its presence in Durham by 1,000 jobs after agreeing to an incentives package with the state.
Why it matters: The expansion will be one of the largest announced in the Triangle this year. It continues a string of high-profile jobs announcements North Carolina has made this year through its Job Development Investment Grant program.
- It will also make Aspida one of the largest financial services firms in the Research Triangle Park area, which is home to other firms like Fidelity and UBS.
State of play: Founded in 2020, Aspida sells life insurance and annuities and has over $25 billion in assets, according to the N.C. Department of Commerce. It's backed by Ares Management, a large private equity firm.
- Aspida's headquarters are currently on Englert Drive in south Durham, where it has around 200 workers.
Driving the news: The state's Economic Investment Committee approved an incentive package worth $21.8 million for Aspida on Wednesday morning.
Follow the money: To earn the incentive, Aspida will need to reach its hiring goals by 2032 and invest more than $28 million in Durham.
- Durham County is also offering an incentive worth $750,000.
- The Commerce Department said that Aspida was also considering Richmond, Virginia, for the job expansion.
Zoom in: The jobs will range from senior leadership and managers of all levels to investment professionals and customer support roles.
- The average wage for the jobs is expected to be around $137,000.
The big picture: It's the latest large-scale jobs announcement for North Carolina.
- The state has announced a range of expansions this year, including a 14,000-job project from plane maker JetZero in Greensboro, a 1,200-job headquarters expansion from Scout Motors in Charlotte and a 400-job biomanufacturing facility from Genentech in Holly Springs.
- And just on Tuesday, Vulcan Elements, a maker of rare-earth magnets, said it would create 1,000 jobs in Johnston County.
Editor's note: This is a developing story and will be updated.