Bridgewater Associates plans to cut about 100 jobs and set an investment cap for its flagship Pure Alpha fund.
The hedge fund said it would stop accepting new money into its Pure Alpha fund once it hits a certain size in order to react more quickly to shifting markets.
More:
- In a memo sent to employees and clients, CEO Nir Bar Dea said the firm needs to cut costs, free up resources, and restructure.
- Bar Dea said the company would invest heavily in artificial intelligence and machine learning, expand in Asia, and increase its sustainability and long-only equity investing business.
- The new cap will be 20% to 30% below its peak size of $100B.
- The fund gained 32% in H1 2022 but fell in H2 2022, ending the year with a 9.5% gain.
