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Friday, November 27, 2020 – 10:32 am
Dalio has had long-standing ties to Asia and Singapore, calling it “time to open a family office” there, the hedge fund manager’s spokesman said in a statement, without elaborating on timing or plans. of personal.
The Bridgewater founder “has had excellent relationships in Singapore and China over the past three decades,” according to the statement. “He likes and admires them both and is excited about what is happening in the region.”
Dalio, with a net worth of more than $ 15 billion, is the latest super-wealthy business leader to open a family office in Singapore. Weybourne Group, vacuum cleaner mogul James Dyson, increased hiring in 2019, while Shu Ping, one of the billionaires behind Haidilao International Holding, the world’s largest Chinese hotpot restaurant chain, opened Sunrise Capital Management in the city. last year.
Janine Racanelli is the CEO of the Dalio Family Office, while Tom Waller is the COO. He recently hired Oliver Walters, former head of corporate risk management in the wealth management division of JPMorgan Chase & Co.
Family offices are dedicated firms created to manage the intimate affairs of the world’s wealthiest households, from personal investments and philanthropic activities to trust structures and day-to-day arrangements. Those in Asia have outperformed their global peers thanks to their greater exposure to Chinese stocks and tech companies, according to UBS Group.
The wealth they control, and the jobs they provide, are a key reason why the Singapore government has wanted to attract more to the city-state with tax incentives and the Global Investor Program, which gives the super-rich a path to residency. permanent. An estimated 200 single family offices manage assets worth about $ 20 billion in the city.
The offices are also used to fund charities. Last month, Dalio announced a $ 25 million grant to education and research provider Wealth Management Institute to help train policy makers and investment professionals in Singapore.
Bridgewater, based in Westport, Connecticut, manages approximately $ 148 billion, making it the largest hedge fund manager in the world.
BLOOMBERG
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