Issue link: https://nebusinessmedia.uberflip.com/i/479389
2014 | Doing Business in Connecticut 53 Largest Connecticut-Based Banks, Ranked by Market Share Source: FDIC "Every state and every country has a natural competitive advantage," said Barbara Fernandez, director of the Office of Insurance and Financial Services (OIFS) at the state Department of Eco- nomic and Community Development (DECD). "In many cases, that advantage is geographical — where they're located or their natural resources — but sometimes, it comes from a depth and breadth in a particular industry. I think insurance and financial services, but particularly insurance, has been a competitive advantage for us because in this state, it's over 200 years old. It's an industry that's very well entrenched and it's not an easy industry to replicate." She said that while other states may set their sights on luring Connecticut's insurance carriers and the jobs that go with them, it's not a simple matter to uproot these firms. "It's not just the companies themselves, but everything that's a part of it. It's the educational system, the professional associations and the suppliers. e insurance industry has its own supply chain, very much like manufacturing, except that the insurance supply chain is related to services" — most notably, training and expertise in actuarial evaluation, accounting, and underwriting. She said Connecticut has the highest concentration of actuaries in the country, with more being produced each year through joint initiatives by local universities, insurance firms, a variety of other business entities and the state. Alan Kreczko, executive vice president and general counsel at e Hartford, agreed that there are a lot of upsides to doing business here, noting that with so many insurance companies in the region, "individuals who have an interest in insur- ance come here and go to school here. It's very beneficial to us that the University of Connecticut Law School has a strong insurance program." Another plus is "having a sophisticated regulator," he added. "Insurance businesses need to have some predictability in regulatory relationships. We have a very, very strong rela- tionship with the Connecticut Department of Insurance. [Insurance Commissioner] omas Leonardi has been a leader in the field." Stability and predictability in terms of the economic and business climate in the state is also key, "and a lot of that goes to fiscal responsibility in the state." Kreczko said e Hartford is very invested in its namesake community, and not just from a business sense. "We have a very active employee base engaged in non-governmental organizations, including Foodshare's Walk against Hunger. Over last two years, we've contributed about $4 million to the United Way. We've got a long history of very strong engagement in the community and we've been able to make a big impact." International draw While e Hartford was founded in Connect- icut and remains a cornerstone of the IFS industry, foreign companies have also been attracted to the state, including e Netherslands-based ING. ING U.S., which recently rebranded as Voya Financial, is committed to the region, according to spokesman Philip Margolis. e retirement and insurance firm — which acquired Aetna Financial Services in 2000, leased downtown space from Aetna until its lease expired, and served as corpo- rate sponsor of the Hartford Marathon through last fall — has a quarter of its national workforce here. "e decision in 2007 to build our own office facility in Windsor underscores how... Voya Financial...believes Greater Hartford is a very compelling place to operate. With more than 2,000 individuals who work here, the Notable Hedge Funds in Connecticut A significant portion of the financial services sector in the state includes the hedge fund industry, which is clustered in Fairfield County. Below is a list of the largest hedge funds as of 2012. Source: HedgeTracker.com Continued on page 54 > CT Rank Name Equity Assets (millions) Location 1 AQR Capital Management LLC $16,692 Greenwich 2 SAC Capital Advisors $16,586 Stamford 3 Lone Pine Capital $16,120 Greenwich 4 Viking Global Investors $12,250 Greenwich 5 ESL Investments $6,481 Greenwich 6 Bridgewater Associates LP $6,429 Westport 7 Discovery Capital Management $5,533 South Norwalk 8 Chilton Investment Company $4,281 Stamford 9 Kensico Capital $3,022 Greenwich 10 Diamondback Capital Management $2,976 Stamford Market Share # of Locations in CT Total Deposits in CT Webster Bank 12% 124 $12,881,871 People's United Bank 11% 165 $11,340,379 Liberty Bank 3% 47 $2,887,937 Union Savings Bank 2% 28 $1,732,315 Rockville Bank 2% 22 $1,619,825