Wednesday, May 22, 2024

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Bridgewater Planning Job Cuts

Bridgewater’s assets fell to $138 billion at the end of April from $163 billion at the end of February. The firm got hit by the coronavirus at “the worst possible moment,” founder and co-chief investment officer Ray Dalio wrote in mid-March, explaining that it had positioned portfolios to profit from rising markets.

Bridgewater’s Pure Alpha II fund dropped 20.6% for the first half of the year.

The firm has already cut several dozen of its 1,580 employees, the Wall Street Journal reported, saying the moves affect employees in research, client services, recruitment and other departments.

A spokesman for the firm declined to comment on the timing and the number of reductions.

Bridgewater’s assets fell to $138 billion at the end of April from $163 billion at the end of February. The firm got hit by the coronavirus at “the worst possible moment,” founder and co-chief investment officer Ray Dalio wrote in mid-March, explaining that it had positioned portfolios to profit from rising markets.

Bridgewater’s Pure Alpha II fund dropped 20.6% for the first half of the year.

The firm has already cut several dozen of its 1,580 employees, the Wall Street Journal reported, saying the moves affect employees in research, client services, recruitment and other departments.

A spokesman for the firm declined to comment on the timing and the number of reductions.

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