Bridgewater Associates said Wednesday it will cut jobs as the hedge fund embarks on a firm-wide restructuring to expand its international footprint and develop AI technologies.
The job cuts are expected to affect about 100 employees from the hedge fund's total workforce of roughly 1,300, according to a Bloomberg News report citing an interview with the firm's CEO.
"To pursue this path, going on offense while also managing constraints requires us to cut costs, free up resources and restructure," Bridgewater's Chief Executive Officer Nir Bar Dea said in the statement.
Several financial firms have slashed jobs in recent months, including major Wall Street banks and asset managers, amid a turbulent macroeconomic environment and decades-high inflation that have together crimped profits and pushed up expenses.
At the same time, Bridgewater announced Mark Bertolini will be stepping down as co-CEO and will join the hedge fund's board as an independent director, according to the announcement.
Dea also said Bridgewater is expanding its presence in Asia through Singapore. In terms of products, Bridgewater said it sees opportunities in equities and sustainability products.</p> <p>Bridgewater did not immediately respond to a Reuters request for additional comment on the number of affected jobs.
In October, Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world's biggest hedge funds, had handed over control of the $150 billion firm.
© 2023 Thomson/Reuters. All rights reserved.