Westport First Selectman Gordon Joseloff said today that news that Westport-based Bridgewater Associates intends to move its corporate headquarters to Stamford is “bittersweet news.” Here is the text of his statement:
First Selectman Gordon Joseloff: “disappointing…but good economic news for Connecticut.” Dave Matlow for WestportNow.com
“This is bittersweet news for Westport in that we will potentially lose a majority of Bridgewater’s more than 1,200 jobs to Stamford but retain them in the State of Connecticut.
“I was told in advance by the governor’s office of the announcement and also discussed it this morning with Bridgewater Associates Co-Chief Executive Officer Dave McCormick who reached out to me to provide some details.
“My understanding is that this is a long-range plan with construction not expected to be completed for at least five years. Mr. McCormick said it is likely that even after the move that Bridgewater will possibly retain some presence in Westport both at its Glendenning-Ford Road complex and the Nyala Farms office complex.
“He said that Bridgewater has recently invested heavily in a new trading facility at Nyala, where it employs about 800 people, and this is likely to be part of its future plans.
“We have a number of Westport residents employed at Bridgewater and I hope and expect that many of them will remain here. It is even possible that others may move to Westport from points farther away to be closer to the new Stamford Bridgewater location.
“Any time we see a corporate move away from Westport, it is disappointing. But given the needs of Bridgewater and our inability to provide a consolidated headquarters, it is understandable. Westport looks forward to having Bridgewater retain a corporate presence here for the next few years and, in some form, beyond.
“This is good economic news for southwest Connecticut and for the entire state and for that, we are thankful.”
