Bridgewater has doubled its fund assets in China to more than 20 billion yuan ($2.93 billion) over the past year, according to two sources and government data, a feat that cements its position as the biggest foreign hedge fund in the country.
The jump was aided by Bridgewater China's raising of 2.7 billion yuan through a product launch in December, said the sources. That further underlined the popularity in China of billionaire founder Ray Dalio, a self-proclaimed Sinophile, and his "All Weather" strategy.
"Bridgewater goes to show that building a scaled business in China is very much possible," said Peter Alexander, managing director of fund consultancy Z-Ben Advisors, adding its growth has shattered the myth that foreigners cannot compete locally. Bridgewater declined to comment. The sources, who were familiar with the matter, did not wish to be named as they are not authorised to speak to the media., a multi-asset investment approach structured to be indifferent to shifts in economic conditions, caught on in China, where unpredictable "black swan" events including Beijing's tech crackdown, the Russia-Ukraine war, and COVID-19 lockdowns have roiled markets.
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