Westport-Based Bridgewater Associates to Layoff Workers: Reports

WESTPORT, CT — Bridgewater Associates plans to lay off an undisclosed number of employees in the near future as part of a reorganization of its non-investment personnel to improve efficiencies, reports Business Insider.

The layoffs at the Westport-based company, which is the world's largest hedge fund, are primarily focused on the Technology, Recruiting, Facilities, and Management Services groups, writes BI.

According to CNBC, Bridgewater has $150 billion in assets under management, and the company grew from 150 employees in 2003 to more than 1,700 employees in 2016.

The company is on pace to receive a $22 million incentive package from Connecticut for the company to remain in the state and expand in Westport, Norwalk and Wilton.

Bridgewater executives made the layoff announcement in a letter to clients on Thursday, calling the company "bloated." CNBC reported that Bridgewater's fortunes have been on a bit of a roller coaster ride so far this year. One of the company's investment funds was down by 9 percent for the year, another was up more than 13 percent and a third was flat.

Click here to read the full story on Business Insider, and click here to read it on CNBC.

Photo: Bridgewater Associates' Westport headquarters