Bridgewater Associates, the world’s largest hedge fund, has laid off 7% of its workforce as part of an effort to remain lean and maintain flexibility for future hiring, according to a report by Reuters citing an unnamed source familiar with the matter.
The reduction affects approximately 90 employees, bringing the firm’s headcount back to its 2023 level. Despite the cuts, Bridgewater plans to 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,” said a spokesperson for the Westport, Connecticut-based firm in a statement. “This includes doing hard things during good times, like holding a high bar and keeping the organisation nimble.”
Founded by Ray Dalio and now led by CEO Nir Bar Dea, Bridgewater achieved strong performance in 2023, with double-digit returns across most of its strategies, including an 11.3% gain in its flagship Pure Alpha macro fund. The firm managed approximately $160bn in assets as of July 2023.
In a letter to investors, Bridgewater explained the rationale behind the job cuts, emphasising that the firm’s leadership is focused on aligning strategy and resources to achieve its objectives. “The result will be a more dynamic ecosystem of ideas, innovation, and impact that underlines our meritocratic values,” the letter stated.
