New PwC US/Mass Insight Report Documents the State’s Complete Finance Portfolio

In the News:
Report: Financial Services Sector A Major Driver Of Mass. Economy | Worcester Business Journal
Financial services companies still strong in Massachusetts | The Boston Globe
Key to state economy | Patriot Ledger

Associated Press:
Financial services help drive Mass. | METRO WEST DAILY NEWS
Report: Financial services help drive Mass. | Boston Herald
Report Details Benefits of Financial Sector | STANDARD-TIMES
Financial services strong | REPUBLICAN
Report: Financial services help drive Mass. | Miami Herald
Report: Financial services help drive Mass. economy | Herald News
Report: Financial services help drive Mass. economy | TAUNTON DAILY GAZETTE
Report: Financial services help drive Mass. economy | DAILY ITEM
Report: Financial services help drive Mass. | GARDNER NEWS

BOSTON – Mass Insight and PwC US have issued Massachusetts Financial Services Sector,” a comprehensive impact report documenting the breadth and growth of one of the state’s most critical business sectors. A follow-up to a 2010 report, the updated data highlights the financial services sector’s strengths in driving the state economy. Commissioned by The Boston Financial Services Leadership Council, a membership group of leading financial services CEOs and senior executives, the report demonstrates the significant impact of the state’s financial services sector - regionally, nationally, and globally.

“The complete portfolio of diverse financial services has positioned Boston, in particular, as a leading global finance center,” said William Guenther, CEO and Founder of Mass Insight. “As the region’s window on the world, our historic strengths in asset management and risk management have solidified our role in the U.S. and expanded global opportunities for the firms who base their business in Boston and across the Commonwealth.”

In addition to advancing the financial service sector, The Boston Financial Services Leadership Council is committed to new national policies to expand access to retirement savings in the U.S. and to help emerging countries like China build their own version of retirement and risk management systems. In doing so, Massachusetts firms will create the opportunities to grow talent, products, and a track record to compete for the management of these expanding national and global savings.

Highlights from the report include:

The Financial Services Sector produces a stable and vital employment base.
• Financial Services Sector contributes to 5 percent of the state’s total employment, greater than Life Sciences (2.1 percent) and Technology (4.7 percent)
• Financial Services Sector had a leading contribution to GSP with 9.2 percent of total state output, greater than Life Sciences (7.9 percent) and Technology (6.7 percent)

The Financial Services Sector is now widely recognized as a global financial leader.
• Mutual fund assets in MA grew 9.8 percent
• Deposits in MA savings banks increased 22 percent.
• MA ranked second in the U.S. for total investment of venture capital.

The Financial Services Sector leverages local academic assets, enhancing Boston's global reputation.
• MA ranked second in the number of Masters degrees awarded per 100 people at 0.43.
• MA home to nation’s top ranked business schools including Harvard, MIT, Babson and Bentley

"The financial services sector continues to be a key driver for the Massachusetts economy, directly providing more than five percent of the state's employment and nine percent of the Gross State Product,” said Peter Finnerty, PwC’s US Mutual Fund Leader and member of the Boston Financial Services Leadership Council. “And keep in mind that these numbers don't reflect the numerous jobs and significant output associated with the businesses that provide supporting services to the sector, such as legal and accounting firms, technology service providers, advertising agencies, consultants, and even the printing and mailing facilities of the materials provided to investors."

Mass Insight is a Boston-based consulting firm specializing in research, strategy, and communications to strengthen competitive advantage for a global knowledge economy. By fostering collaboration between industry, university, and government, Mass Insight maximizes regional assets to build public-private partnerships focused on innovation.

About PwC US
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For More Information on the Boston Financial Services Leadership Council, READ

Related Publication

See The Massachusetts Financial Services Sector: A Complete Portfolio – Partners in Managing Assets and Fostering Innovation_November 2013