Bridgewater Associates to outsource nearly 200 Stamford jobs
STAMFORD — Bridgewater Associates, the world’s largest hedge fund, plans in March to outsource 197 positions to professional-services firm Genpact, while keeping them in their South End offices, the firm told the state Department of Labor this week.
The companies announced last week that Genpact would take over significant parts of Bridgewater’s HR, recruiting and finance operations. But they did not publicly disclose the amount of transferring employees — equal to about half the number that Bridgewater now employs at 2200 Atlantic St., and more than 10 percent of Bridgewater’s workforce statewide — before the hedge fund sent a letter Wednesday to the Labor Department.
“Please be advised that the business decision has been made to permanently transition certain enablement functions of Bridgewater, currently located at One Harbor Point Square, 2200 Atlantic St... to Genpact at the same location,” Sarah Fass, Bridgewater’s head of employee relations, wrote in the letter. “The enablement operations at Bridgewater are expected to continue until March 18, 2019, at which point Genpact shall assume certain operations.”
At the same time, Bridgewater has another 40 open positions. Any of those posts staffed before the March change-over would then be moved to Genpact, Fass added in the letter.
The Bridgewater-Genpact alliance includes plans for a new “digital hub” at the waterfront complex at 2200 Atlantic. The center would also eventually serve other financial-services clients.
Opened last year, Bridgewater’s Stamford offices accompany its headquarters in Westport.
Officials at Building and Land Technology, the owner of 2200 Atlantic, were not immediately available to comment Friday.
Last year, the firm employed about 1,600 in the state, according to state Department of Economic and Community Development data.
Bridgewater is eligible for up to $52 million in state tax credits, grants and loans, based on achieving certain goals for creating and retaining jobs.
The hedge fund has already significantly restructured in recent years. In 2012, co-CEO Eileen Murray led an overhaul of the firm's middle- and back-office operations, working with Bank of New York Mellon and Northern Trust.
“We are constantly searching for ways to improve our business, as well as improve the experience for our clients and employees,” Murray said in a statement last week. “I am extremely excited about this partnership with Genpact, as I believe it will allow us to harness the latest in process expertise, digital innovation and design thinking to connect our operations and deliver optimal results.”
Employing about 8,000 in the U.S., Genpact serves industries including financial services, health care, insurance, energy, manufacturing and hospitality.
“From Bridgewater’s point of view, this initiative will provide cost savings,” John Knopf, an associate professor of finance at the University of Connecticut, said in an interview last week. “Firms like Genpact are getting much more sophisticated at helping the likes of Bridgewater to streamline their operations and analyze their data.”
Amid the planned downsizing, Bridgewater continues to perform strongly. It bucked what was generally a lackluster year for the hedge fund industry by posting a 14.6 percent return for its flagship Pure Alpha fund.
Bridgewater manages about $163 billion in assets, more than any other hedge fund in the world, according to financial-services data tracking firm Preqin.
Among personnel changes at other large hedge funds, Greenwich-based AQR Capital Management confirmed last week layoffs comprising “small reductions in headcount.”
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