WYSO

Legacy Wall Street Firm Moves to Springfield

Sep 2, 2016

E.F. Hutton, a New York based brokerage firm, announced on Friday that they are setting up their world headquarters in Springfield and look to invest about $22 million in the local economy over the next 5 years.

Chris Daniels, the company's CEO, says they're excited to bring the financial services industry to the Midwest, "EF Hutton is speaking with its actions by moving to main street and showing its commitment to individual investors across the country." 

Hutton is one of several brokerage firms that has recently decided to relocate from Manhattan in search of lower taxes and less expensive workforces, and Springfield chamber president Mike McDorman expects the momentum to continue.

"We're working with other companies to bring to downtown, we’re working with another headquarters we expect to announce in the next three to four weeks," says McDorman. "There’s a lot happening in this area right now, we’ve built a vision around this area and now we’re starting to see it make an impact."

The company has already begun to hire locally and will continue to grow its workforce to around 400 over the next five years.