Governor McDonnell Announces $24.5 Million Investment in the City of Charlottesville

RICHMOND - Governor Bob McDonnell today announced that CFA Institute, the global association of investment professionals with operations in the Charlottesville area, New York, London, Hong Kong, and Brussels, will invest $24.5 million to establish its operations center in the City of Charlottesville, creating 45 new jobs. The organization plans to redevelop the former Martha Jefferson Hospital facility.

“This project is significant for the City of Charlottesville, the region, and the Commonwealth of Virginia,” said Governor McDonnell. “The decision made by CFA Institute to designate Charlottesville as its global hub of operations not only touts the opportunities of the region and the state, but also accommodates the association’s needs for current and future growth. As part of this major investment, CFA Institute will redevelop the former Martha Jefferson Hospital, turning an available property into a Class A 136,000-square-foot office facility.”

“The adaptive reuse of the former hospital allows CFA Institute to continue to grow its operations in Virginia, bringing 45 additional jobs to the community,” said Jim Cheng, Virginia Secretary of Commerce and Trade. “This selection is designed to ensure that the most cost-effective, efficient long-term alternatives are identified and implemented, and CFA Institute has room to expand and serve its additional operations all over the world from Charlottesville.”

CFA Institute administers the CFA® (Chartered Financial Analyst®) and CIPM® (Certificate in Investment Performance Measurement®) curriculum and exam programs worldwide; publishes research; conducts professional development programs; and sets voluntary, ethics-based professional and performance-reporting standards for the investment industry. CFA Institute has more than 105,000 members, who include the world’s 95,000 CFA charterholders, in 135 countries and territories, as well as 135 affiliated professional societies in 58 countries and territories. The organization currently has more than 350 staff in the Charlottesville area, and in fiscal year 2011 alone, its CFA Program has attracted more than 200,000 candidate registrations from more than 160 countries.

“We appreciate the support we have received from the City of Charlottesville and the Governor’s Office throughout this process”, said Tim McLaughlin, CFA, CPA, Chief Administrative Officer and Chief Financial Officer for CFA Institute. “We look forward to continuing to run our global operations from the city, and to expanding our organization as we have done over the last fifty years.”

The Virginia Economic Development Partnership worked with the City of Charlottesville to secure the project for Virginia. Governor McDonnell approved a $200,000 grant from the Governor’s Opportunity Fund to assist Charlottesville with the project. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the company’s recruitment and training activities.

"CFA Institute has quietly grown into one of our region’s major employers and we look forward to the organization’s sustained growth in the years ahead," said Charlottesville Mayor Dave Norris. "We are delighted that CFA Institute has chosen to invest in the City and we are pleased that we could play a role in keeping them in the area," Norris added.