Wednesday, 26 October 2016
Last updated 12 hours ago
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.