HARTFORD, Conn. —A Connecticut commission has approved a $22 million loan and grant package to help the world's largest hedge fund upgrade its offices.

The Bond Commission approved the package by a 7-2 vote Friday.

Republican legislative leaders have questioned why Bridgewater Associates should receive the funding when state programs that serve vulnerable citizens are being cut in the state's new budget. The firm manages approximately $150 billion in investments for institutional clients.

Gov. Dannel P. Malloy, a Democrat, said it is a matter of competing with other states and noted incentives offered by Massachusetts recently helped to lure General Electric away from Connecticut.

Department of Economic and Community Development Commissioner Catherine Smith says the package is a great investment that will create 750 new, well-paying jobs and retain 1,400 existing jobs.

—Copyright 2016 Associated Press

(END) Dow Jones Newswires

May 27, 2016 14:05 ET (18:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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