AQR Capital Management, a global investment management firm, plans to expand its headquarters and operations in Fairfield County, Connecticut. The company will invest more than $72 million and create up to 600 new jobs.
“We have found Fairfield County to be a desirable location to base our firm and the quality of professionals we attract is outstanding,” John Howard, Principal/Chief Financial Officer at AQR Capital Management, said. “We look forward to working with the State of Connecticut to further expand AQR’s positive economic contribution in the state. Participating in the program enables us to continue to attract and retain the best talent and serve our clients well over the long term.”
As an incentive, the Connecticut Department of Economic and Community Development (DECD), through the First Five program, will provide up to $28 million in loans and up to $7 million in grants to support the expansion project. State funding will be disbursed in multiple phases as the company reaches certain job creation and retention milestones. The economic incentives will support the firm in making anticipated infrastructure investments in Greenwich, including leasehold improvements and office space expansion, as well as technology enhancements to the firm’s data center in Trumbull.
“AQR and its employees have spent over a decade contributing to our state, and we’re pleased that the company has committed to expanding its presence and growing jobs here for another ten years,” Governor Dannel P. Malloy said. “Fueling growth in our core industries is one of the keys to our state’s long-term economic success. 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.”
“First Five has been an important tool in growing Connecticut’s economy, and our partnership with AQR Capital Management just reaffirms the state’s commitment to growing jobs and attracting capital investments to strengthen our position as a financial hub,” DECD Commissioner Catherine Smith said.