Bridgewater Associates announced a restructuring that will see the hedge fund dedicate more money and talent toward AI and machine learning.
The world's largest hedge fund manager said it would undergo a reorganization over the next two weeks that will eliminate about 100 jobs in its 1,300-person workforce.
The Ray Dalio-founded fund is "going on offense" that will see it expand its footprint in Asia and develop and invest in AI technologies.
- Pursuing this path requires Bridgewater to "cut costs, free up resources, and restructure," according to the firm.
- CEO Nir Bar Dea, who took over after Dalio retired last fall, wants to boost profitability and returns by doubling down on AI and other new priorities.
- One of the priorities will be the formation of a team led by co-CIO Greg Jensen focused on engineering AI-powered investment tools.
