Big four accounting, tax and professional services firm to invest $4.35 million downtown
FRANKFORT, Ky. (Feb. 23, 2017) — Ernst & Young LLP, one of the world’s largest business-services organizations, plans to open a 125-member office for executive assistants and other shared professional functions in downtown Louisville with a $4.35 million investment, Gov. Matt Bevin and Louisville Mayor Greg Fischer announced today.
“We are delighted to welcome EY’s professional service center to Kentucky and we are grateful for their investment,” said Gov. Bevin. “Kentucky is quickly becoming the destination of choice for corporate and shared-service centers, thanks to our skilled professional workforce, high quality of life and low business operating costs. We are confident that EY’s Louisville-based, executive support team will be able to effectively serve their executives across the United States.”
The office will house members of the firm’s expanding National Executive Assistance Team, which supports EY partners across the country, as well as creative and digital services employees. The firm hasn’t yet signed a lease but intends to locate in Louisville’s Central Business District, hiring its full complement by mid-2018. The firm operates similar centers in Dallas, Cleveland and Tucson.
“We were very impressed with the level of talent in Louisville and commend efforts by the city, state and local learning institutions to grow the talent base even more aggressively and in new areas,” said Brent Summers, EY’s Americas enterprise support services leader. “That, along with Louisville’s affordability and quality of life, were important factors in our location decision. We are also excited to be locating our new center in the downtown area. There is so much new development and energy. We think it will be a great environment for our new team.”
David Calzi, managing partner of the existing Louisville office of Ernst & Young LLP, said the city will make a great home for the new support center.
“The firm has been a proud citizen of Louisville and Kentuckiana since we opened our local practice in 1923. We couldn’t be more pleased that our leadership recognized the desirable facets of our community, and decided to expand our presence here when it had so many other cities to choose from,” Calzi said.
The firm traces its roots to the early 1900s with the founding of two accounting firms; Ernst & Ernst in Cleveland, and Arthur Young & Co. in Chicago. Their 1989 merger created Ernst & Young, which then became Ernst & Young LLP.
The firm is a member firm of the global EY organization whose members provide assurance, tax, transaction and advisory services to many of the world’s largest companies. They operate in 152 countries, including 30 countries in the Americas, and employ 231,000 people globally.
Louisville Mayor Greg Fischer welcomed the new business operations.
“Today is an exciting day for Louisville as we welcome a major new division from EY. This latest location of executive support functions continues to solidify Louisville’s position as a market leader in the global business services sector,” Mayor Fischer said. “Our future is bright thanks to companies like EY that recognize Louisville as a growing and dynamic city with an educated workforce. We are thrilled to welcome this newest EY location to Louisville and look forward to more opportunities to partner with this global industry leader in the future.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in February preliminarily approved the company for tax incentives up to $1 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
In addition, the firm can receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies can receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. In fiscal 2016, the Kentucky Skills Network provided training for nearly 95,000 Kentuckians and 5,000 companies from a variety of industry sectors.
For more information on EY, visit www.ey.com.