State Bonding Officials Approve $22M Package to Keep Westport's Bridgewater Associates in CT

WESTPORT, CT - The world's largest hedge fund is staying in Connecticut, following a decision by the state Bond Commission.

Bridgewater Associates will officially receive a $22 million incentive package from the state to expand its locations in Westport, Wilton and Norwalk. The money, in the form of grants and a $17 million forgiveness loan, was approved by the commission Friday, reports the Hartford Courant.

Additionally, Bridgewater stands to receive another $30 million in tax breaks.

The company, founded by Greenwich resident Ray Dalio, manages more than $150 billion in assets, by far the most of any hedge fund in the world. And as such, the package was criticized by some state Republicans because they believe the company could afford to expand in the state without the money, especially when the state is laying off employees.

Last year alone, Dalio reportedly earned $1.4 billion from his company.

Democratic Gov. Dannel Malloy supported the package, eager for the state not to lose another high-profile employer in the wake of General Electric's planned move from Fairfield to Boston.

Bridgewater agreed to keep its 1,400 jobs in the state and add another 750 over the next few years as part of the deal.

Click here to read the full story on the Hartford Courant website.

Photo: Bridgewater Associates' Westport headquarters