EDITOR’S NOTE: This is another in a series of stories examining 50 years of Nashua business. Stories and multimedia pieces focus on Milestones, Hidden Assets, and Economic Engines in the city’s business community.

MERRIMACK – With more than 5,000 workers and 1 million square feet, Fidelity Investments’ Merrimack headquarters is the size of a small college campus. And it’s got many of the same amenities.

Beyond its state-of-the art workspace, the 950-acre campus, off Industrial Avenue near the F.E. Everett Turnpike, houses baseball and softball fields, a pair of workout gyms, two full-service cafeterias and nine miles of walking paths, among other luxuries.

And, like many colleges, Fidelity executives use the campus to recruit and retain the best candidates in the business.

“It’s a terrific facility for us. There’s a lot here that you otherwise wouldn’t be able to support in more of an urban setting,” said Jack Johnson, senior vice president and one of two regional leaders of the Merrimack site.

“It really does keep folks engaged and give them a site and a workplace environment that they’re proud to work in,” he said, seated comfortably in a company conference room, overlooking the Merrimack campus. “They really do look forward to coming to work.”

The campus, and Fidelity’s influence, has grown considerably since the company first arrived in New Hampshire 16 years ago.

The company opened the Merrimack office in 1996 with about 300 employees. In the years since, it has grown to be a key location, serving as the fixed income headquarters for the company, one of the nation’s largest mutual fund firms, as well as one of New Hampshire’s largest employers.

Today, about 5,300 employees work out of the Merrimack campus, more than 70 percent of whom of the employees live in New Hampshire, contributing to the local community and economy, Johnson said.

“They’ve been a great asset for the state. … They’ve had a huge halo effect on the whole community, and in Massachusetts, as well,” said Christopher Way, interim director of the state’s Economic Development division.

“They raise their kids here. They put their kids through college here,” added Johnson, a Bedford resident. “As an economic engine, we feel really good that Fidelity … not only provides jobs, but really helps that nice, virtuous circle of keeping the economic engine going in southern New Hampshire, as well.”

Fidelity’s New Hampshire history began more than 15 years ago, in 1996, when company executives, centered in Boston, decided to expand their northeast presence across the state border.

Company executives, who purchased the Contra Way headquarters that year from Digital Equipment Corp., chose the location based in part on New Hampshire’s strong business climate. “There’s a little lower cost of living than Massachusetts, for instance,” Johnson said. But, the state also appealed to the company because of the its diverse and educated workforce.

“We have access to great talent here,” Johnson said. “There are a lot of schools we have relationships with, so we have a ready source of good, educated talent to draw upon.”

The company built its Merrimack headquarters quickly.

At the start, the 300 local employees worked primarily in the company’s technology arm. But after a year, the campus expanded, welcoming the assets management division. And within several years, it added personal and workplace investing, as well as institutional services, to the campus’ portfolio.

“Merrimack has definitely grown as both a region, as well as (in) strategic significance,” Johnson said. “It’s a vital site for us.”

By 1998, the Merrimack campus had grown to about 1,750 employees. Two years later, staffing reached 3,000 workers, and by 2008, that number reached 5,000 employees.

Over the years, the company’s physical plant has grown to accommodate the increased staffing levels.

In 2000, Fidelity launched a 250,000-square-foot addition to one of the buildings, nearly doubling the size. And in 2005, five years later, they leased 114,000 square feet in the former Amherst Technologies building on Continental Boulevard to accommodate 400 new employees.

The satellite location closed in 2010.

“We’ve seen some of that growth more spiky some years than others,” Johnson said. “It’s leveled off the last couple of years, but in general (it’s been steady).”

The changes to Fidelity’s employee ranks haven’t all been positive in recent years as the company has conducted several rounds of layoffs.

After years of growth, company executives laid off about 140 workers from the Merrimack facility in 2002, part of nearly 1,700 total losses nationwide. And in 2008, just as the national recession hit, the company cut another 150 jobs followed by another 50 in February 2009.

In the years since, the nation’s slow economic recovery may have actually been a boost for Fidelity business, company officials acknowledged.

The economic confusion has left more people and companies alike seeking help with their investments, as well as their retirement savings, Johnson said.

In 2010, Fidelity opened an investor center in Nashua, on the Daniel Webster Highway, to help with the increased traffic. And last year, the Merrimack facility absorbed many of the 1,100 employees displaced by the closing of the company’s Marlborough, Mass. offices.

“Fidelity is absolutely a trusted brand in the marketplace. We’re considered ‘a safe place,’” Johnson said.

“I think there’s probably more confusion on the part of our customers than ever before as you think about … the changing regulatory environment, new roles and various things affecting people out there,” he said. “So, they call us looking for help and guidance.”

With the economy showing signs of recovery, Fidelity executives don’t know what to expect of the next several years.

“I wish I had a crystal ball,” Johnson said. “All we can really do is react to today.”

But, with the Merrimack branch continuing to grow both in size and influence, company officials are committed to the region and the community for the foreseeable future.

Beyond the Merrimack offices, Fidelity employees regularly contribute their time and money to local social service agencies and youth organizations, including the Nashua Soup Kitchen & Shelter, the Greater Nashua YMCA and the New Hampshire Food Bank, among other gruops.

“It’s really part of the corporate culture here,” Johnson said. “Being able to live and work in the communities and give back, it becomes circular for us. … Happier employees make happier customers. We’re very happy here in New Hampshire.”

Jake Berry can be reached at 594-6402 or jberry@nashuatelegraph.com. Also, follow Berry on Twitter (Telegraph_JakeB).

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