World’s biggest hedge fund Bridgewater cuts 7% of staff
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Bridgewater, founded by Mr Ray Dalio, posted double-digit returns for most of its strategies in 2024.
PHOTO: LIANHE ZAOBAO FILE
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NEW YORK - Bridgewater Associates dismissed 7 per cent of its workforce on Jan 6 as the world’s biggest hedge fund seeks to remain lean and maintain the flexibility to hire top talent, according to a person familiar with the matter.
The cuts affect about 90 employees, said the person, who asked not to be identified because the information has not been announced publicly. The firm, whose headcount is now back to where it was in 2023, will continue hiring selectively, the person said.
“For the last three years, Bridgewater has been focused on rapid evolution, setting big goals, and fiercely stopping at nothing to achieve them,” a spokesperson for the firm said in a statement. “This includes doing hard things during good times, like holding a high bar and keeping the organisation nimble.”
Bridgewater, founded by Mr Ray Dalio and led by chief executive officer Nir Bar Dea, posted double-digit returns for most of its strategies in 2024, including an 11.3 per cent gain for its Pure Alpha macro fund. The firm had about US$160 billion (S$218 billion) of assets under management as at last July.
In a letter that disclosed the job cuts to investors, Bridgewater said the firm’s leadership team “ensures that its strategy and resources are aligned” to achieve its objectives. “The result will be a more dynamic ecosystem of ideas, innovation and impact that underlines our meritocratic values.”
In 2024, Two Sigma Investments and Brevan Howard Asset Management both cut about 10 per cent of their workforces. BLOOMBERG
