FAIRFIELD COUNTY, Conn. -- Greenwich-based AQR Capital announced plans to expand and add up to 600 new jobs throughout Connecticut with the help of some state funding, according to Gov. Dannel P. Malloy.
AQR plans to expand its headquarters with at $72 million project over the next decade. Estimates say the initiative will retain 540 jobs on top of the 600 new positions.
“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,” Malloy said in a statement. “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.”
The 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.
“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.
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.
“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 and 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.”
AQR was established in New York before moving its operations to Connecticut in 2004. In the twelve years AQR has been based in the state, the firm has grown by over 500 employees.