Empire State Development (ESD) today announced that London Stock Exchange Group (LSEG) will invest approximately $3.1 million to expand in Buffalo, NY, moving The Yield Book, Inc., a leading global provider of fixed-income analytics and data products and solutions and part of its Information Services business, into newly renovated downtown office space.
“The expansion of the London Stock Exchange Group’s Yield Book team in Buffalo builds on the momentum of growth we have seen downtown,” said Lieutenant Governor Kathy Hochul, who made today’s announcement. “The global analytics and information services company will add 30 employees at its new location, with plans to hire more in the future. This investment will advance LSEG’s growth and success and continue to strengthen the economy of the city and the entire Western New York region.”
LSEG has leased approximately 15,000 square feet – the entire sixth floor – at 40 Fountain Plaza in downtown Buffalo, with room for 135 employees, to expand its Buffalo-based center of excellence. The Yield Book, formerly part of Citi, will relocate its Buffalo-based employees from Getzville, NY to downtown Buffalo, adding 30 new full-time positions. LSEG employs approximately 373 people in New York State.
“We are very excited to expand our commitment and move our Yield Book team into new state-of-the-art office space in downtown Buffalo,” said Waqas Samad, Director of Information Services for London Stock Exchange Group. “We believe the location offers great benefits to our business and employees and are excited to grow our footprint in Western New York.”
With professionals around the world, The Yield Book is a trusted source for fixed income analytics that help investors analyze and monitor their fixed income portfolios. Founded nearly 30 years ago, The Yield Book provides fixed income analytics to approximately 350 institutions globally including investment management firms, banks, insurance companies, pension funds, broker-dealers and hedge funds. With the 2017 acquisition of The Yield Book and Citi’s Fixed Income Indices by London Stock Exchange Group, it is now part of LSEG’s Information Services business and global index provider FTSE Russell.
The company’s Buffalo expansion includes the lease, renovations and purchase of new furniture, fixtures and equipment for software development at the 40 Fountain Plaza complex. The state-of-the-art office space, with capacity for 135 and a design consistent with other LSEG global locations, features an open floor plan to encourage cross functional collaboration, six conference rooms with global video conferencing capabilities, 50 percent sit/stand desks, four private breakaway booths and several collaborative team spaces. LSEG qualified for up to $600,000 in performance-based Excelsior Jobs Program tax credits from Empire State Development in return for its proposed investment and job creation commitments.
Empire State Development President, CEO & Commissioner Howard Zemsky said, “I congratulate London Stock Exchange Group for joining the many global companies choosing to locate and expand in Buffalo, thanks to the region’s affordability, highly educated and productive workforce, competitive business climate and outstanding quality of life.”
Shana Stegner, Managing Director, Associate Real Estate Broker, CBRE Buffalo said, “We continue to see a flurry of activity in the Buffalo commercial real estate market, with companies from all over the world taking notice of the benefits of locating operations here. It has been an exciting time for CBRE as we have been able to satisfy the needs of prominent global clients, like LSEG, by providing first class commercial real estate options, right here in Western New York.”
Assemblyman Sean Ryan said, "It's exciting to see businesses continue to grow and thrive in Buffalo. I'm thrilled to see London Stock Exchange Group bring their business to our growing downtown core and look forward to seeing their business continue to expand and help fuel our local economy."
Mayor Byron W. Brown said, “It’s always a proud day for the City of Buffalo when a business chooses to relocate to a downtown Buffalo site for its future growth and prosperity, and where its employees can work, live and play. The financial analytics and stock indexing performed by The Yield Group requires highly-skilled employees and the firm will be drawing heavily from the amazing talent pool of finance and IT graduates coming out of the University at Buffalo. This is another example of how Buffalo is now able to compete to keep our best and brightest right here to build their professional careers and personal lives. London Stock Exchange’s The Yield Group joins IBM at this location, adding to what is becoming a high tech hub and continuing to weave the fabric of Buffalo as a Smart City.”
Congressman Brian Higgins, a member of the House Ways and Means Committee, which oversees important aspects of the bond market said, “I commend the London Stock Exchange Group for this expansion and investment. It is further evidence that Buffalo’s workforce, infrastructure and affordability make it a great location for the cutting-edge finance industry jobs,”
County Executive Mark Poloncarz said, ““The relocation of the London Stock Exchange offices here in Buffalo provides further proof of the vibrancy of Erie County’s economic sector and the desirability of our region as a place to set up or grow operations. This investment will boost Erie County’s economic portfolio, add 30 new jobs while retaining 75 others, and demonstrate once again Erie County’s desirability as a place that’s good for business.”
"By building a home for The Yield Book in Western New York, the London Stock Exchange Group is investing not just in its own business but in Buffalo's future as a global hub,” said Senator Tim Kennedy. “Companies around the world are recognizing that our vibrant business climate and skilled workforce make Buffalo the opportune choice for investment. I applaud the LSED for recognizing Buffalo's potential and for bringing dozens of new jobs to our city."
For more information about London Stock Exchange Group click here.
About Empire State Development
Empire State Development (ESD) is New York’s chief economic development agency. The mission of ESD is to promote a vigorous and growing economy, encourage the creation of new job and economic opportunities, increase revenues to the State and its municipalities, and achieve stable and diversified local economies. Through the use of loans, grants, tax credits and other forms of financial assistance, ESD strives to enhance private business investment and growth to spur job creation and support prosperous communities across New York State. ESD is also the primary administrative agency overseeing Governor Cuomo’s Regional Economic Development Councils and the marketing of “I LOVE NEW YORK,” the State’s iconic tourism brand. For more information on Regional Councils and Empire State Development, please visit and www.esd.ny.gov.
Contacts:
Pamm Lent (Governor’s office) | [email protected] | 716-846-8309
Laura Magee (ESD) | [email protected] | (716) 846-8239 | (800) 260-7313