Bridgewater tops again
Bridgewater Associates again topped the AR finance trade publication”™s list of the largest hedge funds according to estimated assets under management, passing JPMorgan Chase & Co.
Westport-based Bridgewater”™s assets under management came up just short of $60 billion in 2010, according to AR, up 35 percent from the year before.
JPMorgan”™s hedge funds managed $45.5 billion in assets, and Paulson & Co. $36 billion.
Rugged Bear shuts down
Children”™s apparel retailer Rugged Bear is going out of business, with plans to shut a half-dozen stores in Fairfield County.
The Boston-based company in January filed for bankruptcy protection from creditors.
Rugged Bear is closing stores in Darien, Fairfield, Greenwich, New Canaan, Ridgefield and Westport. Gordon Brothers Group is overseeing the going-out-of-business sales on Rugged Bear”™s behalf.
Westport exec charged
The Securities and Exchange Commission claims a Westport executive furnished illegal tips to a hedge-fund founder whom the SEC claims engineered the largest insider-trader ring in history.
Rajat Gupta, who was once head of the consulting giant McKinsey & Co., denied the accusations through a lawyer, according to news reports.
As part of its ongoing prosecution of Galleon Group, the SEC said it uncovered evidence that the New York-based hedge fund”™s founder Raj Rajaratnam acted on information it alleged Gupta provided, trading shares of Procter & Gamble and Goldman Sachs.
Gupta stepped down from the board of Procter & Gamble in early March; he is no longer a director of Goldman Sachs.
Dodd gets MPAA post
Former U.S. Sen. Chris Dodd accepted a new job as chairman and CEO of the Motion Picture Association of America, which has its headquarters in Washington, D.C., and a New York office in Tarrytown.
The appointment came following an announcement that global box office totals hit a new high in 2010, though U.S. ticket sales were flat from 2009.
“The major motion picture studios consistently produce and distribute the most sought after and enjoyable entertainment on earth,” Dodd said in a statement. “In several important ways, taking this step represents a continuation of my work in the Senate ”“ from advancing the interests of children and families and creating and safeguarding American jobs, to the protection of intellectual property and the expansion of international trade.”
Gartner expands in Fla.
Gartner Inc. negotiated up to $4.2 million in incentives to add 400 jobs in southwest Florida, including $1.2 million from a “quick action closing” fund the state maintains.
Stamford-based Gartner provides high-tech research and consulting services, as well as hosting industry events. In 2009, Gartner received a $25 million incentive package from Connecticut to add 350 jobs in the state.
The company”™s Lee County office is currently its second largest with more than 350 employees.
First Stamford sees re-signings
TigerRisk Partners L.L.P. and Newbury Partners L.L.C. signed leases at First Stamford Place.
TigerRisk Partners L.L.P. is adding 2,000 square feet of space at First Stamford Place, in addition to the 3,000 square feet it currently occupies there. Founded in 2008 by Rod Fox and Jim Stanard, the company is a boutique reinsurance broker and risk management adviser.
Newbury Partners, a $1.7 billion private equity fund, renewed its lease for 5,000 square feet.
First Stamford Place is owned by New York City-based Malkin Properties.
Priscilla opens in Greenwich
Wedding gown designer Priscilla of Boston is opening a store at 289 Greenwich Ave. in Greenwich, its first in Connecticut.
The company is taking more than 6,000 square feet of space at the former site of Best & Co. The building is owned by an affiliate of Rye, N.Y.-based Willett Cos., which was represented by RHYS Commercial.
Xerox, GE make list
Xerox Corp. and General Electric Co. were the only Fairfield County-based companies to appear on Corporate Responsibility magazine”™s list of the 100 best corporate citizens.
The magazine assesses companies in the Russell 1,000 stock index for their records on climate change abatement, governance, employee relations, environmental impact, financial performance human rights and philanthropy.
Topping the list were Johnson Controls Inc., Campbell Soup Co., and IBM Corp. Norwalk-based Xerox ranked 57th and Fairfield-based GE was 93rd.
Canada fines Sikorsky
Even as Sikorsky Aircraft Corp. announced sales of a dozen helicopters at a Florida trade show, the Canadian government reportedly is readying to fine the Stratford manufacturer up to $8 million over what it said was another delay in a $5.7 billion contract for Sikorsky to deliver a fleet of maritime helicopters.
The original contract called for Sikorsky to begin deliveries in 2008; the contract was later amended for Sikorsky to begin deliveries of early models for training purposes late last year, but the Canada Department of National Defense said Sikorsky is now behind on that schedule after uncovering an unspecified defect, according to the Globe and Mail.
