Westport First Selectman Gordon Joseloff announced today that Bridgewater Associates, Westport’s largest private employer and the world’s largest hedge fund, has informed the town it intends to outsource some back office operations to The Bank of New York Mellon Corporation (BNY Mellon).
He said the company notified the town as required by law that 91 employees at 355 Riverside Ave. will terminate their employment with Bridgewater and all will be offered continued employment at BNY Mellon at the same location.
Bridgewater said in a letter dated Sept. 26 that the employees will terminate their employment with the company commencing Nov. 28 with BNY Mellon assuming back office operations on Dec. 2.
The letter said “although final agreements have not yet been signed, the business decision has been made to permanently outsource” the operations.
“While we do not like to see terminations in this economic environment, we are grateful that all the affected Bridgewater employees will be offered continued employment at BNY Mellon in Westport,” Joseloff said.
