BRIDGEWATER Associates dismissed 7 per cent of its workforce on Monday (Jan 6) as the world’s biggest hedge fund seeks to remain lean and maintain the flexibility to hire top talent, according to a source familiar with the matter.
The cuts affect about 90 employees, said the source, 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 source 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 Westport, Connecticut-based firm said. “This includes doing hard things during good times, like holding a high bar and keeping the organisation nimble.”
Bridgewater, founded by Ray Dalio and led by chief executive officer Nir Bar Dea, posted double-digit returns for most of its strategies last year, including an 11.3 per cent gain for its Pure Alpha macro fund. The firm had about US$160 billion of assets under management as at 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.”
Last year, Two Sigma Investments and Brevan Howard Asset Management both cut about 10 per cent of of their workforces. BLOOMBERG
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