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Westport Hedge Fund Outsourcing to Third Party

WESTPORT, Conn. – Westport’s largest private employer, Bridgewater Associates, is planning to outsource its back office operations to the Bank of New York Mellon Corp., First Selectman Gordon Joseloff announced Tuesday.

BNY Mellon, an asset management and securities services company, will take over the tasks beginning Dec. 2. As a result, 91 Bridgewater employees at the company’s Riverside Avenue offices will be terminated beginning Nov. 28. However, in a Sept. 26 letter to the town, the firm said all of those employees will be offered continued employment at BNY Mellon at the same location, Joseloff said.

“While we do not like to see terminations in this economic environment, we are grateful that all the affected Bridgewater employees will be offered continued employment at BNY Mellon in Westport,” Joseloff said in a statement.

The world’s hedge fund, Bridgewater Associates, manages about $122 billion in global investments and employs about 1,200 people, according to its website. Its headquarters are located at 1 Glendinning Place in Westport.

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