(Bloomberg) -- Bridgewater Associates dismissed 7% of its workforce Monday as the world’s biggest hedge fund seeks to remain lean and maintain the flexibility to hire top talent, according to a person familiar with the matter.
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The cuts affect about 90 employees, said the person, who asked not to be identified because the information hasn’t been announced publicly. The firm, whose headcount is now back to where it was in 2023, will continue hiring selectively, the person said.
“For the last three years, Bridgewater has been focused on rapid evolution, setting big goals, and fiercely stopping at nothing to achieve them,” a spokesperson for the Westport, Connecticut-based firm said in a statement. “This includes doing hard things during good times, like holding a high bar and keeping the organization nimble.”
Bridgewater, founded by Ray Dalio and led by Chief Executive Officer Nir Bar Dea, posted double-digit returns for most of its strategies last year, including an 11.3% gain for its Pure Alpha macro fund, that fund’s best performance since 2018. The firm had about $160 billion of assets under management as of July.
Since taking over as sole CEO in March 2023, Bar Dea has moved to shrink the firm’s flagship fund, cut costs and revamp the firm’s controversial culture. In his first year on the job, Bar Dea embarked on a major management shakeup, firing some longtime veterans and promoting other employees as part of a broad overhaul.
In a letter that disclosed the job cuts to investors, Bridgewater said the firm’s leadership team “ensures that its strategy and resources are aligned” to achieve its objectives. “The result will be a more dynamic ecosystem of ideas, innovation, and impact that underlines our meritocratic values.”
Last year, Two Sigma Investments and Brevan Howard Asset Management both cut about 10% of of their workforces.
(Updates with additional context starting in fifth paragraph.)
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