Connecticut approves aid package for 2nd hedge fund
Source: Associated Press
Updated 5:59 pm, Tuesday, November 15, 2016
HARTFORD, Conn. (AP) — For the second time in six months, a Connecticut panel approved giving taxpayer money to a hedge fund in exchange for promises to keep and add jobs in the state.
On Tuesday, the State Bond Commission gave the OK to $28 million in forgivable loans and $7 million in grants for AQR Capital Management LLC in Greenwich, which provides hedge fund and traditional investment services for a range of clients. The funds will help pay for an expansion project.
Under the arrangement, AQR will retain 540 jobs and create up to 600 jobs over 10 years. In return, the loans will be forgiven and the grant will be disbursed in phases as the job company's job obligations are met.
AQR is one of the world's largest hedge funds, with $172.4 billion in hedge fund and traditional assets under management.
Read more: http://www.chron.com/news/us/article/Connecticut-approves-aid-package-for-2nd-hedge-10615786.php
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