IN LONDON, GOVERNOR PATRICK, GLOBAL FINANCIAL SERVICES LEADERS EXPLORE OPPORTUNITIES FOR PARTNERSHIP, EXPANSION
Leading Massachusetts, UK firms discuss existing ties, ways for industry, government & academia to create jobs locally and globally
"Massachusetts is the birthplace of American finance and continues to play a leadership role in the global economy," said Governor Patrick. "To maintain our competitive edge and attract the jobs of tomorrow, we must strengthen our ties to our UK counterparts and find new opportunities for mutual growth. Today's conversation advanced these goals and our work will continue on our side of the Atlantic."
During a roundtable discussion hosted by City of London Corporation in the center of London's financial district, executives such as John Hailer, President & CEO of Natixis Global Asset Management (US and Asia), echoed the Governor's call for an ongoing, mutually-beneficial partnership between Massachusetts and UK financial services firms.
"Never before have the world's financial markets been more interconnected and interdependent than they are today," said Hailer. "Companies that are successful in the 21st century will be those that combine a global strategic plan for growth with local expertise. The same holds true for the world's great financial centers. We must work in concert to build sustainable economic growth that will stay the test of time and grow wealth and jobs over the long term. Events such as this roundtable position companies and countries to meet this goal."
Natixis Global Asset Management is a global asset management company headquartered in Boston and Paris with $719 billion of assets under management. It is one of the 15th largest asset managers in the world. Natixis Global Asset Management employs 2,800 employees worldwide with over 1,100 of those residing in Boston.
Today's roundtable connected leaders from Massachusetts and London financial centers, including executives from PricewaterhouseCoopers, State Street Corporation, Citizens Bank, Bain Capital, Putnam Investments, Barclays Bank, Goldman Sachs International and others. Presentations and discussion focused on ways in which industry, government and academia can partner to create jobs locally and globally.
The Commonwealth has a rich history of engagement with financial services. Boston is home to three of the top ten retirement money managers, making it the number one cluster of market leaders. The state ranks third in the country for Mutual Fund assets under management with over $2 trillion managed by Massachusetts firms. The Commonwealth is home to approximately 240 banks and credit unions, with total assets of approximately $295 billion and also boasts some of the world's top institutions, a regional Federal Reserve Bank and, thanks to its world-renowned institutions of higher learning, one of the most highly-skilled workforces in the world.
The financial services industry employs more than one million people in the UK and its banks currently play an important role in Massachusetts. Citizens Financial Group, whose parent company is The Royal Bank of Scotland Group, is the second largest banking institution in the state. Citizens has $130 billion in assets and is also the Commonwealth's second largest small business lender with 120 SBA 7-guaranteed loans last year.
"Massachusetts is an important part of Citizens' franchise. A primary reason for our continued success in this market is our ability to serve the Commonwealth's diverse economy both locally and globally through the international resources of RBS," said Jerry Sargent, president, Citizens Bank, Massachusetts.
The Financial Services Roundtable marked the final forum during the first full-day of the UK portion of the Massachusetts Innovation Economy Partnership Mission 2011. Earlier this morning, Governor Patrick and the delegation received a briefing from United States Ambassador to Great Britain Louis Susman and traveled to the London Stock Exchange for an IT sector roundtable. The Governor then traveled to the United States Embassy for a private meeting with Ambassador Susman before re-joining the delegation for a tour of Lloyd's of London and Llyod's Market and a meeting with Lloyd's CEO Dr. Richard Ward and Director of North America Sean McGovern.
The mission's comprehensive schedule will continue over the next few days as the Governor works to bring new jobs and investments to Massachusetts through industry roundtables, company visits and meetings with UK business leaders and government officials in London and Cambridge. The Massachusetts delegation arrived in the United Kingdom on March 12 and will return to Boston on March 17.
For updates on the mission, please visit http://www.mass.gov/governor/innovationmission.