Largest Hedge Fund to Get Gov't Aid

Largest Hedge Fund to Get Gov't Aid

HARTFORD, Conn. (AP) -- A Connecticut commission is expected to approve a $22 million loan and grant package to help the world's largest hedge fund upgrade its offices.

The Connecticut Bond Commission, which is chaired by Democratic Gov. Dannel P. Malloy and oversees state borrowing, is scheduled to meet Friday. Typically, items that appear on the commission's agenda win approval.

Republican legislative leaders have questioned why the successful Bridgewater Associates should receive the funding when state programs that serve vulnerable citizens are being cut in the state new budget. The firm manages approximately $150 billion in global investments for institutional clients.

Department of Economic and Community Development Commissioner Catherine Smith says the package is a great investment that will create 750 new, well-paying jobs and retain 1,400 existing jobs.

(KA)