NEW YORK, Sept 15 Bridgewater Associates, the
world's largest hedge fund manager, said Thursday it is planning
"significant changes to people, processes and technologies," to
address a surge in staff numbers that led to its non-investment
divisions becoming "bloated, inefficient, and bureaucratic."
The firm told clients in a letter that it has 1,700
employees, up from 1,100 in 2011 and 150 in 2001, according to a
person with knowledge of the letter's contents. The changes
follow a major shake-up in the management team that occurred
earlier this year.
The letter, written by chairman and co-chief investment
officer Ray Dalio and other top executives, said the firm was
"conducting a renovation."
The changes come even as Bridgewater has taken in $22.5
billion in client money since early 2015, of which $11 billion
of that came this year. Bridgewater oversees about $150 billion
in client assets.
"To be clear, this renovation is coming at a time when our
fundamentals are very strong: Our investment process is better
than ever, our financial position is rock solid, our key
employees who built the firm wouldn't want to work anywhere
else, and our clients remain confident in us (as expressed in
their collectively investing $22.5 billion in new money since
2015)," the letter said.
Ryan Fitzgibbon, a spokeswoman for Westport,
Connecticut-based Bridgewater, declined to comment. The letter
was reported earlier Thursday by Business Insider.
(Reporting By Jennifer Ablan; Editing by Cynthia Osterman)