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FIDELITY INVESTMENTS CHRISTENS REGIONAL CENTER IN COVINGTON

 FIDELITY INVESTMENTS CHRISTENS REGIONAL CENTER IN COVINGTON
 COVINGTON, Ky., June 25 /PRNewswire/ -- Commonwealth of Kentucky Lt. Gov. Paul Patton, Fidelity Investments' Chairman Edward C. Johnson 3rd, Covington Mayor Denny Bowman and other state and local dignitaries christened the site of Fidelity's new regional headquarters facility in Covington at a groundbreaking ceremony held today. The ceremony marked the unveiling of the new location to the community, state and local officials, and Fidelity employees.
 Fidelity Investments, one of the nation's leading financial services firms, announced on April 23 that it would develop an $18 million regional facility located on 188 acres near Interstate 275 and Taylor Mill Road. Fidelity has already begun planning for the new facility and will occupy it within three years.
 "Today's groundbreaking ceremony, while marking the beginning of Fidelity Investments' new regional headquarters facility in Covington, also signals the beginning of a new era of growth in the service sector of Kentucky's economy," Lt. Gov. and Secretary of Economic Development Patton said. Patton said Fidelity's new facility "epitomizes the business sector Governor Brereton Jones is committed to expanding, and we are proud to have a great company like Fidelity to help us launch our development efforts to expand service and technology-intensive operations in Kentucky."
 "When I first saw this property, I knew it would make an attractive location for a new Fidelity regional center," said Johnson. "Fidelity is committed to invest in a multimillion-dollar facility and to hire several hundred Kentucky residents. We have already started the planning process and hope to begin operations in Kentucky within three years, if not sooner. We look forward to being an active corporate citizen and a vital member of the community."
 Johnson praised state and local officials for their vision, support and cooperation in managing the effort to bring Fidelity to Covington. He personally thanked Gov. Jones, Lt. Gov. Patton and other state officials, state Sen. Joe Meyer, Covington Mayor Bowman and the city staff and the entire board of the Tri-County Economic Development Corporation, under the management of Jim West.
 Also on hand for today's ceremonies was Mayor Bowman. "We are proud to welcome Fidelity Investments to Covington and look forward to their active participation in our business community. The decision made by Fidelity to locate in Covington is very important to our community in terms of the quantity and nature of the new jobs which will be created. Both the Northern Kentucky and the Greater Cincinnati areas will benefit from the presence of this progressive firm."
 To provide Fidelity with flexibility to absorb growth in the 1990s, the company relies on regional operations outside its Boston headquarters. These regional centers -- near Dallas, in Salt Lake City and in Blue Ash, Ohio -- serve Fidelity's 3 million customers and provide direct support for its core mutual fund operations. The Covington Regional Center represents Fidelity's first such facility to be built from the ground up.
 Fidelity Investments is the nation's largest privately held mutual fund company with $170 billion in assets under management. The company is the second-largest U.S. discount brokerage firm and a leading provider of company-sponsored retirement plans. Established in 1946, Fidelity employs more than 9,000 and is based in Boston.
 -0- 6/25/92
 /CONTACT: Kimberly Dobbins of Fidelity Investments, 312-726-4403/ CO: Fidelity Investments ST: Kentucky, Ohio, Massachusetts IN: SU:


CN -- NE004 -- 7976 06/25/92 13:01 EDT
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Publication:PR Newswire
Date:Jun 25, 1992
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