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Uncertainty clouds the future of Fairfield County’s large hedge fund industry, according to the Stamford Advocate.

Hedge fund growth has stalled in recent years, and other states want to recruit Connecticut firms the report states. The state’s may have the second-largest amount of assets under management in dollar terms, after New York, but the number of active hedge funds in the state has shrunk by 9 percent in the past three years. With skepticism of hedge fund managers growing, the industry is facing headwinds.

At the same time, other states like Florida are pitching their states to the hedge fund industry. Even after giving millions of dollars in subsidies in recent years, the report states Connecticut might need to do even more to bolster the sector’s long-term prospects.

Connecticut currently has about 700 hedge funds. Average wages for financial-services positions in lower Fairfield County last year ran at about $266,000, compared with an overall regional average of around $85,000, the report stated, citing to the state Department of Labor.