Share

Hedge fund calls off plan for move to Stamford

|
News,Business

WESTPORT, Conn. (AP) — One of the world's largest hedge funds said Friday it is calling off a plan to build a $750 million corporate headquarters in Stamford.

Bridgewater Associates, which currently is based in Westport, said in 2012 that it planned to build a 750,000-square-foot building on the waterfront. At the time, Gov. Dannel P. Malloy announced the state would provide up to $115 million to support the company's plan to move and create up to 1,000 jobs.

"After careful examination and reflection surrounding the challenges, time, energy, and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move," the company said in a prepared statement. "We are particularly thankful to Governor Malloy for doing his utmost to make this opportunity possible. We are now exploring our other options."

Bridgewater manages about $150 billion in investments worldwide for a variety of clients, including pension funds, university endowments, charities, foreign governments and central banks.

The state aid pledged in 2012 was to include grants, tax credits and a forgivable loan, and it required the firm to meet job creation and retention goals. State officials said at the time that the company would have to retain its workforce of 1,225 employees, plus add up to 1,000 jobs.

View article comments Leave a comment

More from washingtonexaminer.com