Minnesota-based financial services company expects to create 180 jobs over three years
MADISON, WI. JAN. 14, 2019 —EQ, a Minnesota-based financial services and corporate services company, is establishing operations in Milwaukee—a project expected to create 180 jobs on the city’s northwest side.
The company, established in 1929, provides a range of transfer agent services that enable clients to manage share registers, communicate with shareowners and undertake significant corporate actions—simply and effectively. Formerly known as Wells Fargo Shareowner Services, EQ is part of an international organization that services 23 million shareholders and more than 1,200 clients worldwide.
“Milwaukee is a fabulous city with a talented and diverse workforce. We know that this facility, along with the future staff, will become a strategic asset to our organization as we support our clients in exceeding their goals. We look forward to becoming an integral part of the community,” said Todd May, CEO of EQ.
EQ will occupy about 30,000 square feet at the Parkland Center building at 11200 W. Parkland Ave. on the city’s far northwest side. The facility will house client services operations and a data center, and will serve as a “redundant site” for the company’s headquarters in Mendota Heights, MN. A redundant site is a facility that is capable of handling all operations if the primary site fails.
The company evaluated locations in at least three other states before selecting Milwaukee.
To secure the company’s investment in Wisconsin, the Wisconsin Economic Development Corporation (WEDC) has authorized EQ to receive up to $1.25 million in tax credits over the next three years. The actual amount of credits the company will receive is contingent upon the number of jobs created and the level of capital investment over that time.
“As a global company, EQ had numerous options for this investment and we thank company leaders for their commitment to Wisconsin and for creating 180 family-supporting jobs in Milwaukee,” said Mark R. Hogan, secretary and CEO of WEDC, the state’s lead economic development organization. “EQ is the latest company to establish or expand operations in Wisconsin because of the state’s outstanding business climate and dedicated workforce.”
“EQ is a welcome addition to this city’s business community. The company conducted a thorough evaluation of sites outside of this region, and in the end selected Milwaukee,” Mayor Tom Barrett said. “EQ knows it will find a capable workforce, a reasonable cost of conducting business and a great quality of life here in Milwaukee.”
“We are delighted that EQ has selected Milwaukee from among several competing locations for this sizable operation,” added Jim Paetsch, vice president of the Milwaukee 7 regional economic development organization. “EQ will add to our strong roster of financial services companies domiciled in southeastern Wisconsin. This investment affirms the attractiveness of the region as a destination for global investment.”
In addition to the 180 jobs expected to be created by EQ, an economic modeling study estimates the project could indirectly generate up to 347 additional jobs in the region. The 527 total jobs could generate more than $1.1 million in state income tax revenue annually.
WEDC’s investment in EQ is the latest example of the organization’s commitment to advancing economic development in Milwaukee. Since WEDC was created in July 2011, it has invested more than $428 million in the city, including $54 million in awards to Milwaukee-based companies for projects expected to create or retain more than 15,000 jobs and generate $343 million in capital investment.