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Wednesday, March 21, 2007

Boom in hedge fund and other investment jobs in State

They've tripled from 7,000 to 21,000 since 1990, says the AP (via The Courant):

Karan Sampson, director of hedge funds at Greenwich Associates in Greenwich, said the industry saw an increase in jobs immediately after the terrorist attacks of Sept. 11, 2001, as New Yorkers moved to Fairfield County.

"When it came time to open their own businesses, they did it where they lived, not in New York City," she said.

David Saunders, managing director of K2 Advisors, a fund of hedge funds, said the firm quit New York for Stamford about four years ago in search of a backup office for disaster recovery following the Sept. 11 attacks, efficient public transportation and lower taxes.

"We're part of that wave that came up here," he said.

Among the job growth statistics in the investment industry in Connecticut is the eye-popping average annual salary of $310,734 in 2005.

"It makes you want to go back to school, doesn't it?" said Oley Carpp, managing director of the Office of Strategic Competitiveness at the Department of Economic and Community Development.

Well, no, but it is impressive. Let's pray that some of the wealth of the $1 trillion hedge fund industry flows to other areas of society.

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