By Keith M.Phaneuf
The state Department of Economic and Community Development has responded with reassurances to a recent news report that Westport’s Bridgewater Associates — to which Connecticut just pledged $52 million in economic assistance — is slowing its hiring.
DECD spokesman Jim Watson said that the hedge fund still must comply with several job retention and creation benchmarks over the next five years, or risk the loss of as much as $17 million.
“All companies in all industries are subject to business fluctuations,” Watson said in a statement. “All experience periods of acceleration and slowdowns in hiring. DECD recognizes that fact and takes a longer-term approach in its agreements with companies.”
The state committed $22 million in bonding on May 27 to help the fund – which manages about $150 billion in assets – expand facilities in Westport, Wilton and Norwalk.
