Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 15, 2026 3 BIZ BRIE FS by financial software company Intuit. Using LinkedIn Talent Insights data, Intuit found Hartford ranked among the top 10 U.S. metro areas for short- ages of both tax professionals and bookkeeping and accounting workers. Hartford was one of only three metro areas, along with Atlanta and Nash- ville, Tennessee, to rank near the top of both categories. The report found local demand for tax specialists significantly exceeds the available workforce, while demand for accountants and bookkeepers remains strong among businesses, hospitals and government agencies. The Hartford to sell mutual funds unit in $1.9B deal Property and casualty insurer The Hartford has agreed to sell its mutual funds business, Hartford Funds, to investment manager Wellington Management in a deal valued at up to $1.9 billion. Under the agreement, The Hartford will receive $300 million in cash at closing, plus additional payments tied to the future performance of the combined business over the next seven years. Hartford Funds is based in Wayne, Pennsylvania, manages approximately $160 billion in assets and employs about 400 people. it is needed to cover infrastructure invest- ments, rising operating costs and new environ- mental requirements. The Clinton-based utility is seeking to increase annual revenue by about $28.8 million. Patla said about half of the proposed increase would help pay for roughly $129 million in infra- structure investments made since the company's last rate case, while the remainder would offset higher costs for labor, electricity, insurance and treatment chemicals. Patla also pointed to an estimated $200 million in planned projects to comply with federal PFAS drinking water standards and ongoing invest- ments in aging infrastructure. Rates would take effect Feb. 1, 2027, if approved. Rallybio merger will close New Haven HQ New Haven-based biotech company Rallybio Corp. has agreed to merge with San Diego drug developer Avenzo Therapeutics in a deal that will result in the closure of Rallybio's Connecticut headquarters. The merger is backed by a concur- rent $215 million private financing and is expected to close in the fourth quarter. The combined company will operate under the Avenzo Therapeu- tics name and trade on Nasdaq. A Rallybio spokesperson said the company's New Haven office at 234 Church St. will close and its current management team will not remain with the combined company. Rallybio employed 14 full-time workers at the end of 2025. The announcement comes less than a month after Rally- bio's proposed merger with another biotech company, Candid Therapeu- tics, was terminated. Seven Angels cancels production amid pressures on CT theater industry Seven Angels Theatre in Waterbury has canceled its planned produc- tion of "Something Rotten!" citing declining ticket sales and reduced financial support, as nonprofit theaters across Connecticut face mounting challenges. In a letter to patrons, Producing Artistic Director Constantine Pappas said the theater has no plans to close and will move forward with its summer production of "All Shook Up" while preparing its 2026-27 season. According to its latest tax filing, Seven Angels reported a roughly $178,000 operating loss in fiscal 2024, with liabilities exceeding assets by about $91,000. The cancellation comes amid a difficult period for Connecticut's theater industry, which has recently seen the closures of the Downtown Cabaret Theatre in Bridge- port and Phoenix Stage Company in Watertown. Hartford ranks among tightest markets for accounting, tax talent Greater Hartford is one of the nation's most competitive markets for hiring tax and accounting profes- sionals, according to a new analysis Craig Patla The Seven Angels Theatre in Waterbury. Contributed Photo Rallybio is headquartered at 234 Church St. in New Haven. Photo | CoStar THANK YOU TO OUR SPONSORS: Thanks to the generosity of sponsors and donors, we are taking collective action to end poverty in the 860 region by closing gaps and creating opportunities for local women and their families. @unitedwayinc unitedwayinc.org CLA – Clifton Larson Allen | Goings Family Law | The Hanover Insurance Group Foundation | Moses Tax Group, P.C. | Nassau Financial Group Peoples Bank | Shipman & Goodwin | The Village for Families & Children

• Cover