Another Connecticut Investment Firm to Get State Investment Package

GREENWICH, CT—The decision to approve a $35 million incentive package for the state's second largest investment management firm was approved by the state Bond Commission.

Two members of the commission voted against the measure, one of whom is State Comptroller Kevin Lembo, according to CT News Junkie. Lembo's rationale was that the state has take into account the sluggish economic recovery and current economic reality.

AQR Capital Management will receive $28 million in forgivable loans and $7 million in grants so long as it retains 580 jobs and creates up to 217 new jobs within two years, according to Fox 61. $13 million of the $28 million can be forgiven for attaining those goals.

Another $15 million forgivable loan is an option if the company creates 189 jobs within five years.

Lembo was also against the $22 million incentive package for Bridgewater Associates, the world's largest hedge fund.

Malloy defended the incentive package as investment in creating jobs, according to News Junkie. He previously said in a statement that fueling growth of a core industry is key to the state's long-term economic success.

AQR was founded in 1998 in New York and moved to Connecticut in 2004. Its headquarters are located in Greenwich and it has a data center in Trumbull.