May 27, 2016 12:44 AM

Connecticut panel to consider $22 million for hedge fund

The Associated Press

HARTFORD, Conn. (AP) The Connecticut Bond Commission is expected to approve a $22 million loan and grant package to help one of the world's largest hedge funds upgrade its facilities in the state.

The 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.

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.

Bridgewater manages approximately $150 billion in global investments for its institutional clients.

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