Global Financial Firm to Expand in IndyPosted: Updated:
Chicago-based Cortland Capital Market Services LLC is planning to locate an office in Indianapolis and add more than 150 workers by 2019. The financial services firm says the new operation will deal with international clients and manage increasing business volume. September 10, 2014
INDIANAPOLIS, Ind. - Cortland Capital Market Services, a global independent financial services firm, announced plans today to expand its operations here, creating up to 153 new jobs by 2019.
"Cortland operates in the world’s largest markets, and out of all of its options it chose Indiana for its next office," said Governor Mike Pence. "Indiana competes daily against locations around the globe and wins, with a business climate noted for its affordability and a workforce dedicated to helping companies reach their long-term goals. I look forward to watching Cortland’s ranks grow here in Indiana."
The Chicago-based company will equip office space at 8440 Allison Pointe Boulevard in Indianapolis, with plans to immediately occupy the facility. This expansion will allow Cortland to serve its growing international client base and manage increasing business volume. Cortland has started the process of hiring for positions in securities operations, loan administration, SBA loan servicing, CLO and financial analytics, and fund administration. Interested applicants can visit www.cortlandglobal.com to learn more.
"Indiana's excellent business climate and talented workforce made Indianapolis an ideal location for Cortland to expand our operations to serve our growing client base," said Doug Hart, principal at Cortland Capital Market Services. "We are especially pleased that Indiana native and Butler University graduate Luke Newcomb will lead our Indianapolis office."
Founded in 2008, Cortland provides full service fund administration, commercial bank loan servicing, securitization services and middle-office support to financial institutions. Cortland's clients include many of the world's largest alternative investment managers, real estate managers, banks and commercial lenders. The company operates offices in Chicago, London, Los Angeles and New York.
The Indiana Economic Development Corporation offered Cortland Capital Market Services, LLC up to $1,825,000 in conditional tax credits based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Indianapolis supports the project at the request of Develop Indy, a business unit of the Indy Chamber.
"Indy is rapidly becoming a market of choice for many national and international companies," said Indianapolis Mayor Greg Ballard. "We are proud to add Indy to the list of cities like Chicago, London, Los Angeles and New York where Cortland operates."
Cortland is a privately held global financial services firm with more than USD 40 billion in assets under administration. The firm provides third-party and outsourced services to investment managers and commercial lenders. Investment administration solutions include fund administration, syndicated bank loan services, securitization services, commercial loan servicing and other back and middle-office services. Company clients include institutional investors, commercial lenders, real estate operators, credit funds, hedge funds, private equity funds, CLO managers, family offices and others.
Cortland and its wholly owned subsidiary Cortland Fund Services are headquartered in Chicago and serve clients worldwide from - Chicago, Indianapolis, Los Angeles, London, and New York. For more information about Cortland, please visit us at www.cortlandglobal.com.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: The Indiana Economic Development Corp.