Bridgewater Associates, the world's largest hedge fund, is cutting 7 per cent of its workforce in an effort to remain lean and nimble in hiring top talent.
Citing sources familiar with the matter, Bloomberg reported Tuesday that the cuts affect about 90 employees, bringing the company's headcount back to 2023 levels. Companies will also continue to hire selectively.
"Over the past three years, Bridgewater has focused on growing fast, setting big goals and doing whatever it takes to achieve them, which includes doing the tough things in the good times, such as maintaining high standards and maintaining organizational flexibility," a company spokesperson said in the statement.
Bridgewater, founded by Ray Dalio, saw double-digit returns on most of its investments last year, with the Pure Alpha Macro Fund returning 11.3 percent. As of last July, the firm had $160 billion in assets under management.
In a letter to investors disclosing the layoffs, Bridgewater said the company's leadership team ensured that its strategy and resources were aligned with the goals to be achieved. "The result will be a more vibrant ecosystem of ideas, innovation and impact that highlights our meritocratic values," the letter added.
According to a report in The Financial Times last year, Bridgewater's family office bought two shophouses on Club Street in Singapore in 2021 for about 25.5 million yuan. At the end of 2023, the Government approved the development permit for Lots 44 and 46 Connor Street, and the renovation work is expected to be completed early this year.
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