A Global Leader in Asset Management and Financial Services

Connecticut’s financial services industry has thrived for decades thanks in part to the state’s cluster of global insurance leaders and its proximity to New York City, the largest financial center in the world. More than 23% of all U.S. finance traded cluster jobs are within 160 miles of Stamford1, one of the fastest growing cities in the nation and one of the state's major financial centers. 5,400 financial services establishments employ nearly 20,000 people2, with more than 107,000 financial services professionals3 across various industry sectors in the state also stimulating growth in other areas of the Connecticut economy, including legal, accounting, and technology services. Emerging clusters of fintech startups and innovators have further positioned Connecticut as a leader in financial services, resulting in the state being named one of the top 3 Forward Looking Financial Locations4 and the capital Hartford ranking #9 for U.S. fintech leaders5.

 

“Connecticut is an attractive company location with its top-quality educated workforce, universities, quality of life and a focus on building strong infrastructure for growth.”

— Oasis Pro Markets Founder & CEO Pat LaVecchia

 

The state is also home to one of the largest concentrations of hedge funds in the world, with 10 of the world’s largest hedge funds located here, including Westport-based Bridgewater Associates, the largest hedge fund globally. Connecticut houses the second highest level of hedge fund capital in the U.S. only after New York City. Connecticut also has one of the most active venture capital ecosystems in the country, supported by the wealth in the financial sector — more than $770 million in venture capital was invested in the state in 20236. 

 

Key Facts

 

in the U.S. for concentration of finance talent7

 

in the U.S. for venture capital deals per capita9

 

in the U.S. for finance worker productivity8

 

in Fintech Leaders10


Financial Services Support in Connecticut

Connecticut offers support for financial services and insurance companies looking to grow within the state. Beyond state-level assistance, organizations like Connecticut Insurance and Financial Services (CT IFS) are actively working to strengthen and support the industry. 

  • Connecticut Insurance + Financial Services (CT IFS) — a statewide initiative of the MetroHartford Alliance comprised of 32 member companies in Connecticut’s insurance and financial services sector, the mission of CT IFS is to strengthen and advance the insurance and financial services industry in Connecticut
  • Connecticut Innovations (CI) — Connecticut’s strategic venture capital arm and the leading source of financing and ongoing support for innovative, growing companies
  • CONNSTEP — a business consulting firm focused on identifying opportunities for growth, improving productivity, and ensuring competitiveness

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Financial Services Sector Snapshot

 

◄ Get an in-depth look at Connecticut’s financial services industry cluster.

  • industry trends and dynamics
  • concentrations of talent and workforce pipelines in Connecticut
  • Connecticut's regulatory environment
  • logistical and infrastructure considerations
  • the state’s strengths for companies in the state
  • data and resources for companies seeking market entry into Connecticut

 

Learn more about Connecticut's key industries in our detailed snapshots.

 1Lightcast, 2021, AdvanceCT calculations; 2Lightcast, 2022; 3Lightcast, 2022; 4Business Facilities, 2022; 5Business Facilities, 2024; 6Pitchbook, 2023; 7Lightcast, Finance Traded Cluster Data, 2022; AdvanceCT Calculations; 8among MSAs with over 2K finance jobs, Lightcast, Finance Traded Cluster Data, 2022; AdvanceCT Calculations; 9Pitchbook, NVCA Venture Monitor, 2023; U.S. Census Bureau, PEP, 2023; AdvanceCT calculations; 10Business Facilties, 2023