(Bloomberg) — Hedge fund Hudson Bay Capital is expanding its office in Greenwich with the help of Connecticut’s taxpayers.
The asset management firm will receive as much as $1.3 million from the state if it creates and retains 40 new full time jobs, Governor Ned Lamont said in a statement. Hudson Bay, the successor to Gerber Asset Management, employs 120 worldwide and expects its Greenwich office to employ about 50 people as new positions are filled.
Connecticut has revamped its business incentive program so that subsidies are handed out only after jobs have been created. The state is targeting “strategic investments” in the high-paying financial services and advanced manufacturing sectors. The state, an epicenter of the hedge-fund business, is home to Ray Dalio’s Bridgewater Associates and Steven Cohen’s Point 72 Asset Management, among others.
In November, Lamont announced that Digital Currency Group, which invests in bitcoin and block-chain technology companies, was relocating its headquarters to Stamford from New York City. DCG will get about $5 million if it creates and retains 300 new full-time jobs.
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