Connecticut approves aid package for 2nd hedge fund

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HARTFORD, Conn. (AP) — A Connecticut panel has approved a loan and grant package for the second hedge fund in six months.

The State Bond Commission on Tuesday okayed $28 million in forgivable loans and $7 million in grants for AQR Capital Management, LLC in Greenwich. The funds will help pay for an expansion project.

Under the arrangement, AQR will retain 580 jobs and create up to 217 new jobs within two years. In return, $13 million of the loans will be forgiven.

AQR will receive an additional $15 million forgivable loan if another 189 jobs are created within five years.

In May, the same commission approved a $22 million and grant package to help the world’s largest hedge fund, Bridgewater Associates.

Democratic Gov. Dannel P. Malloy defends the packages, calling them good investments.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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