The Metro Denver Economic Development Corporation (Metro Denver EDC) today announced the launch of the Colorado Investment Services Coalition (CISC), a new consortium of industry leaders working together to advocate for and promote the state’s robust investment services and management industry.
“Colorado is one of the few areas outside of the Northeast with a substantial investment services industry, and we are thrilled that business leaders are coming together to help the industry expand even further,” said Gov. John Hickenlooper. “These partnerships continue to aid in strengthening our growing and diverse economy.”
CISC founding members represent Colorado’s largest investment services firms, including: Charles Schwab & Co. Inc., Fidelity Investments, Janus, OppenheimerFunds, TIAA-CREF, and T. Rowe Price.
According to a new industry study released today, the investment services industry provides diverse and high-paying career paths for the state’s citizens. According to just-released data from the Metro Denver EDC, the subcluster employs 29,040 people statewide. Overall, the industry contributed $6.7 billion in economic impact to the state in 2014, based on direct and indirect employment. CISC members will hire an estimated 1,500 employees in 2015.
“We convened the Coalition at the request of these companies,” noted Pam Reichert, Vice President of the Metro Denver EDC. “Coalition members have a common interest in developing local talent as they grow their presence in the state.”
The newly formed group will tackle three focus areas vital to the industry: creating an overall awareness of the importance of the investment services industry to Colorado’s economy; talent/workforce development and attraction by cultivating mutually beneficial partnerships with colleges and universities; and federal and state legislative advocacy that ensures an environment for industry expansion in Colorado.
Coalition members have tapped Bill Kavanagh, a Chief Operating Officer of Fidelity Investments, and Brian McDonald, Senior Vice President/Client Service & Support for Charles Schwab & Co., Inc., as its leadership co-chairs.
Kavanagh is responsible for finance, operations, strategy, and administration at Fidelity’s Denver-based sector investing division. Prior to that, he served as Chief Financial Officer for Fidelity’s asset management division and has held numerous roles within the company since joining Fidelity in 1991.
“Fidelity opened its newest regional site in Denver primarily to take advantage of the strong, highly educated labor market,” said Kavanagh. “We are committed to working in partnership with Coalition members to support initiatives that will enable the robust investment services industry in Colorado to continue its expansion while contributing to the success of Colorado colleges and universities and their graduates.”
McDonald is responsible for 1,800 financial services professionals working in Schwab’s client contact centers in Austin, Chicago, Denver, Indianapolis, and Phoenix. Previously, he led Schwab’s Active Trader, Core Client, and Global Investing Client Experience teams and has worked for Schwab since 1993.
“I’m honored to serve on this Coalition and help raise the profile of our industry in Colorado,” said McDonald. “Schwab has been in Colorado since 1978, and we have continued to expand our presence here because it’s a fantastic place to live and work.”
The CISC has engaged with several local universities to explore ways in which to supplement curriculum and enhance awareness of career opportunities in the investment services and management field. The group is developing a course on the investment industry in conjunction with the University of Colorado Denver that will be offered in summer 2015. It will provide an overview of the diverse career opportunities that exist in the industry as well as including content on the hard and soft skills that graduates will need to succeed. In addition, students will have the opportunity to interact with senior leaders in the investment services industry.
CISC is the fourth industry affiliate formed by the Metro Denver EDC to focus on fast-growing industry clusters projected to offer high-paying, high skill jobs in the region and state. The organization’s additional industry affiliates include: the Colorado Energy Coalition, the Colorado Space Coalition, and the Metro Denver Aviation Coalition.
Janet Fritz is the senior director of marketing and technology for the Metro Denver Economic Development Corporation.
This post originally appeared on the Metro Denver EDC website.
[Photo by D Coetzee]