The Associated Press

CHARLOTTE, N.C. – Citco Fund Services and Morgan Stanley & Co. are bringing some 300 financial services related job to the Queen City.

A financial services company that works closely with hedge funds, Citco plans to create about 250 jobs in North Carolina over the next five years.

State officials said Thursday that Citco could qualify for some $4 million in incentives for the office in Charlotte. The jobs will have an average salary of nearly $80,000 per year. The company says it will invest some $3 million in opening its first North Carolina office.

Citco Fund Services divisional director William Keunen says the company knew it was the right place for a new office because of Charlotte’s vast financial industry.

Morgan Stanley, meanwhile, plans to hire 50 or more people in North Carolina’s largest city for its private banking operation, according to the Charlotte Observer.

The newspaper said Morgan Stanley is adding private bankers who will work with Morgan Stanley Smith Barney financial advisers around the country. Company spokesman James Wiggins said Tuesday that some bankers will be based in brokerage offices nationwide, while others will be based in Charlotte and other central locations.

Wiggins says most of the new employees will be hired later this year.

Morgan Stanley currently employs about 35 people at its private banking operation in Charlotte.

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