News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

Funds mean business in Greenwich

The once sleepy Connecticut town has been transformed by the arrival of hedge funds and commercial rents are outstripping midtown Manhattan

The train leaving Grand Central station at 6.23am for Greenwich, Connecticut, gets ever more crowded. The passengers are expensively kitted out in business casual and most are tapping away at laptops, scouring the financial pages or chatting about work. Their business is hedge fund management.

The number of people reverse-commuting from Manhattan to Greenwich – once a picture-perfect, sleepy residential town – is expected to increase to almost 800 a day this year, up 15% from five years ago, according to New York's Metropolitan Transportation Authority.

WSJ Logo