Ray Dalio, who runs the world’s largest hedge fund, Bridgewater Associates, is losing investors in Asia after a major bank advised its clients to pull their money from its top fund, Bloomberg reported.
Bridgewater’s top fund, Pure Alpha, fell 6% through August 23, while other similar funds pared gains.
The fund’s underperformance and Dalio’s public comments were main reasons that the bank made the recommendation to clients.
on Business Insider.
Ray Dalio, the leader of Bridgewater Associates, the biggest hedge fund in the world, is losing clients after a rough year.
His top fund, Pure Alpha, has slumped even as the stock market has soared. The fund lost 6% this year through August 23, Bloomberg reported, driven by bearish bets on global interest rates. Pure Alpha has also trailed other macro competitors, which gained about 4.7% this year through July, according to Bloomberg.
Now, some of Asia’s wealthiest people are pulling money out of the fund, Bloomberg reported.
That’s because UOB Private Bank, a large Singapore-based bank, recommended that clients pull their money out of the Bridgewater fund, Chief Investment Officer Neo Teng Hwee told Bloomberg.
The recommendation came mid-year, as Bridgewater had “not really done …read more
Source:: Businessinsider – Finance