Launch of Boston Financial Services Leadership Council

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Top CEOs of Boston Financial Services Firms to Provide Briefing on State of the Massachusetts Financial Services Sector

Media Advisory: Launch of Boston Financial Services Leadership Council

October 12, 2010

8:30 A.M. Registration and Breakfast
9:00 A.M. Leadership Briefing

Federal Reserve Bank of Boston
600 Atlantic Avenue
Boston, MA 02210

Mary Ellen Higgins                
The Hubbell Group, Inc.            

Loretta Healy
The Hubbell Group, Inc.

The CEOs of Boston financial services firms representing more than $5.1 trillion in assets under management, along with Boston Mayor Thomas M. Menino and U.S. Representative Barney Frank, chairman of the House Financial Services Committee, will gather at the Federal Reserve Bank of Boston on October 12, 2010 to launch the Boston Financial Services Leadership Council (BFSLC) and announce the findings of a Mass Insight and PwC report on the current state of the financial services sector in Massachusetts and its impact on the Commonwealth’s economy.

The Council was formed with the specific goal of advocating for national retirement reform and expanding Americans’ access to workplace savings accounts. The Council is developing a policy paper for release later this year that will form the basis of a legislative initiative led by members of the Massachusetts and New England congressional delegations. The Council also will advocate on behalf of the Massachusetts financial services sector and establish regional, national and global partnerships to advance the Commonwealth’s role as a global finance center. Members of the Council are also positioning Boston as a major financial services partner with Shanghai.

CEOs and senior executives joining Mayor Menino and Representative Frank in the briefing include (in order of presentation):

Ronald O’Hanley, President, Asset Management and Corporate Services, Fidelity Investments - BFSLC Co-chair

Robert Reynolds, CEO, Putnam Investments

James Gallagher, Executive Vice President, John Hancock Financial Services

Clayton Deutsch, CEO and President, Boston Private Financial Holdings

John Hailer, President and CEO, Natixis Global Asset Management – BFSLC Co-chair

James Phalen, Executive Vice President, State Street Corporation--BFSLC Co-chair

Gregory Bialecki Secretary, Massachusetts Executive Office of Housing and Economic Development

Long a cornerstone of the Massachusetts economy, the financial services sector 10 percent of the state’s total output, and provides more than 170,000 residents with well-paying jobs, accounting for 5.4 percent of total state employment. With an average salary of $110,000, more than double the state average, the financial services workforce generates additional spending that creates jobs across the economy.

The Boston Financial Services Leadership Council is an initiative of Mass Insight Global Partnerships and is led by co-chairs John Hailer, President and CEO, Natixis Global Asset Management; Mitchell Harris, Interim Head, BNY Mellon Asset Management; James Phalen, Executive Vice President, State Street Corporation; and Ronald O’Hanley, Fidelity Investments.

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