Hedge fund manager Bridgewater Associates’ founder Ray Dalio will open a family office in Singapore, according to a Bloomberg report, quoting a statement from a spokesperson for the billionaire.
It says Mr. Dalio has long ties to Asia and Singapore, and felt it was high time to open a family office in the city state.
“[Mr. Dalio] has had for the last three decades excellent relationships in Singapore and China…He likes and admires both and he is excited by what is happening in this region,” the unnamed spokesperson was quoted as saying in the November 27 report, without providing details, including the timeline and staffing plans.
A spokesperson for Bridgewater Associates did not immediately respond to questions from Asia Asset Management.
Family offices are dedicated companies set up to manage the personal finances of wealthy families. They are also used to fund charitable works.
Mr. Dalio’s philanthropy includes a US$25 million grant to Singapore’s Wealth Management Institute last month to launch a programme focused on sustainable investing.
He joins other high profile ultra-rich people who have been setting up family offices in Singapore in recent years. They include billionaire UK entrepreneur James Dyson, and China-born Shu Ping, co-founder of Haidilao, the world’s biggest chain of hotpot restaurants.
Mr. Dyson opened his family office, Weybourne Services Singapore Pte, in January 2019 and Ms. Shu, a billionaire who is now a Singapore citizen, followed suit two months later with her office, Sunrise Capital.
Connecticut-based Bridgewater Associates had around $148 billion of assets under management as of end-September 2020.