The Financial Services industry of Western Massachusetts and the Knowledge Corridor is a powerful force in both national and international markets. Multi-national banks, the Springfield-based operations of the MassMutual Financial Group and Liberty Mutual, as well as the Knowledge Corridor's dense concentration of insurance giants, all contribute to the region's strong financial services cluster.
Springfield is the headquarters of the MassMutual Financial Group, an industry staple since 1851 that not only sits among the Fortune 100, but was recently named one of the magazine's "Most Admired" companies. This mutually owned financial protection, accumulation and income management company is among the region's largest employers and plays an active role in the area's development. MassMutual subsidiary Babson Capital Management LLC is an entrepreneurial investment firm also located in Springfield.
A more recent addition to the region's financial services landscape is the Liberty Mutual Insurance Group, the sixth largest personal and car insurance company in the United States. Liberty Mutual's growing home, auto and life insurance operations came into the Springfield Technology Park at Springfield Technical Community College as the result of a 2008 expansion.
"The Insurance Capitol of the World," Hartford, Ct, is less than 30 minutes from downtown Springfield. These two cities form a collective region dubbed "The Knowledge Corridor." Their close proximity makes it possible for the cities to share a borderless economy, one-million-person workforce and 100,000 annual students within 29 prestigious colleges and universities. Internationally-known companies based along the Knowledge Corridor include The Phoenix Companies, Inc, Travelers, Aetna, The Hartford and ING.
Banking also plays a major role in the Western Massachusetts. Bank of America, Sovereign Bank, Citizens Bank and TD BankNorth are the largest of these institutions. Alternative financing also maintains a presence in Western Massachusetts through the region's Venture Capital and Angel investors.
MassMutual Financial Group offers insurance, asset management products, and other financial services to more than one million clients throughout the U.S., Asia, South America and Europe through the efforts of almost 15,000 financial professionals and employees.
Liberty Mutual Group is a diversified global insurer and the sixth largest property and casualty insurer in the U.S. Through their more than 900 offices world-wide, the Liberty Mutual Group employs over 41,000 people.
Babson Capital Management LLC is a subsidiary of the MassMutual Financial Group and a full-service investment adviser with a highly entrepreneurial approach. As of 2007, the firm managed more than $100 billion in assets through their 600 employees and subsidiaries.
Bank of America serves 99% of U.S. Fortune 500 companies and 80% of global Fortune 500 companies with products and services that include capital raising, lending, mergers and acquisitions, research, risk management, sales and trading, and treasury management.
Sovereign Bank is one of the largest financial services institutions in the Northeastern United States and offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management, and insurance.
Citizens Financial Group, Inc. is a $160 billion commercial bank holding company with more than 1,600 branches, 3,500 ATMs and 24,000 employees and is one of the 10 largest commercial banking companies in the United States ranked by assets and deposits.
TD BankNorth is a leading banking and financial services company owned by TD Bank Financial Group of Toronto, Canada. Today, TD Banknorth and Commerce Bank form one of the 20 largest commercial banking organizations in the United States with over $119 billion in assets, providing customers with a full range of financial products and services at nearly 1,100 locations from Maine to Florida.
PeoplesBank is the largest community bank in Hampden and Hampshire counties with 17 branches throughout Western Massachusetts.
U.S. Trust, Bank of America Private Wealth Management when working with U.S. Trust, you benefit from their vast experience serving many types of clients, from families managing wealth across multiple generations to business owners, entrepreneurs and other creators of first-generation wealth.
*This list represents a sampling of the region's many Financial services companies
Financial Service Industry Resources
River Valley Investors (RVI) is a Western Massachusetts-based group of individual investors working in concert to find high quality private equity investment opportunities in both early stage companies with significant growth potential as well as later stage companies.
Long River Ventures invests in seed and early stage companies in technology, healthcare, and other related sectors. Formed by a group of experienced entrepreneurs and venture capitalists, Long River is designed and structured to invest smaller amounts of capital with a focus on identifying promising opportunities and entrepreneurs in emerging (or secondary) geographic markets of the Northeast. Primarily investments are made in information technology, healthcare, cleantech, business services, and consumer businesses that are leveraging technology in a sustainable competitive way.
MassDevelopment provides the financial tools and real estate expertise needed to stimulate economic growth across the state of Massachusetts. By working with businesses and local officials, MassDevelopment addresses blighted areas, helps to create jobs, and addresses overarching issues that impact economic development, such as housing affordability.
The State Technical Assistance Program is available through the Affiliated Chambers of Commerce of Greater Springfield to assist property owners and Springfield-based small businesses in occupying existing vacant storefronts and commercial buildings located in Springfield. Through grants of $5,000 or less, this programs aids in the stabilization of buildings and neighborhoods while adding jobs for residents and increasing the city's tax base.
Meadowbrook Lane Capital Investment Bank provides investment banking and corporate financial services to businesses, ranging from large corporations to startups, in a wide variety of industry sectors. This company has a focus on servicing clients that value social responsibility.
The Western Massachusetts Enterprise Fund, Inc. (WMEF) is a private nonprofit community development financial institution working to strengthen communities by creating economic opportunities for low- and moderate-income people in western and central Massachusetts. WMEF provides financing and technical assistance for businesses and nonprofit organizations that may otherwise not qualify for traditonal funding. WMEF also collaborates with other commercial and public lenders to provide a portion of financing on larger projects.
Local Financial Services Headlines
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