November 9, 2016

Greenwich firm to expand with $35M in state loans, grants

Greenwich-based AQR Capital Management, a global investment management firm, plans to expand its headquarters and operations in Connecticut over the next decade, adding up to 600 jobs.

Gov. Dannel P. Malloy on Wednesday announced the company's participation in the Department of Economic and Community Development's First Five program, providing up to $28 million in loans and up to $7 million in grants to support the firm's $72 million expansion project. AQR Capital will retain 540 jobs as it creates new ones, Malloy said.

"Fueling growth in our core industries is one of the keys to our state's long-term economic success," Malloy said in a statement. "Connecticut is a financial services and technology innovation leader, and firms like AQR – and the good-paying jobs they create – are demonstrating that our state is moving forward in ways that will be a great economic development boost for the region."

Founded in 1998, AQR develops investment strategies for a range of clients. AQR was established in New York before moving its operations to Connecticut in 2004. In the 12 years AQR has been based in the state, the firm has grown by more than 500 employees, the state said in announcing the company's First Five participation..

"We have found Fairfield County to be a desirable location to base our firm and the quality of professionals we attract is outstanding," said John Howard, principal and chief financial officer at AQR. "Participating in the [First Five] program enables us to continue to attract and retain the best talent and serve our clients well over the long term."

The firm also has a data center in Trumbull.

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