Bridgewater In Outsourcing Deal With BNY Mellon

Oct 5 2011 | 11:43am ET

Bridgewater Associates, the world's largest hedge fund, will outsource its back-office functions, hiring the Bank of New York Mellon to handle the job.

Under the plan, outlined in a layoff notice with the Connecticut Department of Labor, 91 Bridgewater employees will move to BNY Mellon, where they will continue to handle Bridgewater's back office. The 91 will remain in Bridgewater's hometown of Westport, Conn.

"Bridgewater is transitioning certain back-office functions to a third-party partner," A Bridgewater spokesman said. "In conjunction with that transition, 91 employees will now be employed by the outsource partner, but retain their jobs in Westport."

Among those being transferred to BNY Mellon are software developers, risk and business analysts, administrators and accountants. Bridgewater is still looking to file 18 open jobs for the group, jobs that will move to BNY Mellon.


In Depth

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

September 2014 Cover

High frequency market making

High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.