- Bridgewater Associates, the world’s largest hedge fund, laid off dozens of employees across the company this month, the Wall Street Journal reported Friday.
- The job cuts included the Bridgewater investigation team, customer services, recruiters, audit groups and the central management team, according to the report.
- Bridgewater told the Journal that “team members will work more from home, so we won’t need the same number of support people, new technologies are changing what kind of people we need and how we serve our clients, and we also want to be more efficient.”
- Most Bridgewater employees have been working remotely due to the coronavirus pandemic, according to the WSJ.
- Read more on Business Insider.
Raywater’s Bridgewater Associates has laid off several dozen employees across the company this month, Juliet Chung of the Wall Street Journal reported Friday.
The layoffs include some Bridgewater veterans with more than 15 years with the company, and encompass the group’s investigative team, customer services and recruiters. There were also job cuts in the hedge fund’s audit groups, which assess employee performance, and the central administration team, a managerial training program founded by Dalio, according to the report.
Bridgewater told the Journal in a statement that “team members will work more from home so we don’t need the same number of support people, new technologies are changing what kind of people we need and how we serve our clients, and also want be more efficient. “
The statement continued: “While this will cause more than normal wear and tear in terms of people leaving the company this year, it will not be much more than normal and we will continue to invest and contract in key areas.”
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Bridgewater employees have been working remotely due to the coronavirus pandemic, according to the report. The layoffs occurred at Zoom meetings. Outgoing employees will receive 18 months of medical care, additional months of severance, a prorated annual bonus and relocation assistance, the Journal reported.
The layoffs come during a difficult period for the company, which experienced the worst monthly performance in its flagship Pure Alpha fund in March when the coronavirus pandemic rocked global markets. As of June, Pure Alpha had fallen nearly 14%, erasing the past five years of returns, according to the Journal.
The company’s assets under management also fell to $ 140 billion at the end of June from $ 168 billion at the end of 2019, the Journal reported.
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