WESTPORT, Conn. – Bridgewater Associates, a global investment firm based in Westport, plans to relocate to Stamford, the company announced Wednesday afternoon. The move, however, would not take place for at least five years, a company spokesperson said.
“Westport’s been a great place to grow our business,” said spokesman Russell Sherman. “But, our 1,200 employees are spread over five offices now.”
Bridgewater announced plans Wednesday to build a $750 million campus in Stamford, at the Brewers Yacht Haven Boat Yard. The idea, Sherman said, is to consolidate its offices into one location. Even after the move, Sherman said its likely Bridgewater will “maintain certain critical infrastructure operations” in Westport.
The Stamford project is still in the process of getting approvals, Sherman said, and is targeted for completion in 2017.
Westport First Selectman Gordon Joseloff said the news is bittersweet for Westport.
“Any time we see a corporate move away from Westport, it is disappointing,” Joseloff said in a statement. “But given the needs of Bridgewater and our inability to provide a consolidated headquarters, it is understandable."
Joseloff said he spoke with Bridgewater co-CEO Dave McCormick, who also said the company will likely retain a presence in Westport, specifically at its Glendenning/Ford Road and Nyala Farms complexes.
“Westport looks forward to having Bridgewater retain a corporate presence here for the next few years and, in some form, beyond," Joseloff said.