Billionaire Ray Dalio Set to Open Family Office in Singapore

Ray Dalio, the billionaire founder ofBridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.

Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, the hedge fund manager’s spokesperson said in a statement, without elaborating on the timing or staffing plans.

The Bridgewater founder “has had for the last three decades excellent relationships in Singapore and China,” according to the statement. “He likes and admires both and he is excited by what is happening in the region.”

Dalio, with a net worth of more than $15 billion, is the latest uber-wealthy business leader to open a family office in Singapore. Vacuum cleaner tycoon James Dyson’s Weybourne Group Ltd.ramped up hiring in 2019 while Shu Ping, one of the billionaires behind Haidilao International Holding Ltd. — the world’s biggest chain of Chinese hotpot restaurants —opened Sunrise Capital Management in the city last year.

More on Dalio:
Bridgewater Expands China Assets With 22% Annual Return
Dalio Says Now Is ‘Special Moment’ for Markets as China Ascends
Bridgewater’s Year of Losses, Withdrawals and Uneasy Staff

Janine Racanelli is the chief executive officer of the Dalio Family Office, while Tom Waller is the chief operating officer. It recentlyhired Oliver Walters, the former head of risk business management for JPMorgan Chase & Co.’s wealth-management division.

Family offices are dedicated firms set up to manage the intimate affairs of the world’s richest households, from personal investments and philanthropic activities to trust structures and every-day arrangements. The ones in Asia haveoutperformed their global peers thanks to their bigger exposure to Chinese stocks and tech companies, according to UBS Group AG.

Read more: DBS Aims to Triple Family Office Unit Assets by 2025

The wealth they control — and the jobs they offer — are a key reason why Singapore’s government has been keen to attract more to the city state with tax incentives and theGlobal Investor Program, which gives the super-rich a pathway to permanent residence. About200 single-family offices are estimated to be managing assets worth about $20 billion in the city.

The offices are also used to fund charitable works. Last month Dalioannounced a $25 million grant to education and research providerWealth Management Institute Ltd. to help train policy makers and investment professionals in Singapore.

Westport, Connecticut-based Bridgewater manages about $148 billion, making it the largest hedge fund manager in the world.

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