Bridgewater Launches Onshore China Fund

Bridgewater Associates
2018-11-01 09:00 674

Firm Offers Investors in China Access to its All Weather Strategy

SHANGHAI, Nov. 1, 2018 /PRNewswire/ -- Bridgewater Associates ("Bridgewater"), a global leader in institutional portfolio management, today announced its wholly-owned subsidiary Bridgewater (China) Investment Management ("BCIM") has launched its first onshore Chinese investment product, Bridgewater All Weather China Private Fund No. 1. This fund, which is available to qualified investors in mainland China, marks the latest step in Bridgewater's long and deep involvement in the China market. The fund is structured similarly to Bridgewater's Offshore All Weather China fund for international investors that launched in April 2018.

"China's financial markets are developing rapidly and Chinese investors are evaluating the growing number of opportunities available to them," said Bob Prince, Co-Chief Investment Officer of Bridgewater. "This new fund will apply our time-tested principles to invest in Chinese publicly traded markets for Chinese investors. Our goal is to help Chinese investors achieve maximum long-term wealth by prudently managing allocations of risk across assets and strategies over time."

Ray Dalio, founder, co-Chief Investment Officer and co-Chairman of Bridgewater, who first visited China in 1984 and has been close to it since said, "It has been an enormous pleasure to be part of the remarkable evolution of China over the last 34 years. This next step excites me because it reflects more good progress in China's development of its markets and our relationships with them."

In June, following the launch of the firm's offshore China strategy earlier in the year, Bridgewater was granted a Private Securities Investment Fund Manager ("PFM") license from the Asset Management Association of China ("AMAC") allowing it to develop and market domestic investment products to qualified investors in the country. This new onshore fund is similar to the offshore fund, with the main difference being the former only holds domestic Chinese financial assets, whereas the latter also holds some non-Chinese financial assets. The strategies are built on the same framework as Bridgewater's pioneering risk parity strategy, All Weather.

"Bridgewater's long history in China has enabled us to develop a robust understanding of the market, which we have leveraged to build our new All Weather China fund," said David McCormick, co-Chief Executive Officer of Bridgewater. "As China continues to develop its financial systems, we look forward to continuing to work with our clients to help them best navigate this dynamic opportunity."

Bridgewater began managing money for Chinese institutional investors in the global markets in 1993. Since then, the firm has built an on-ground presence, opening its Beijing office nearly a decade ago in 2011. In 2016, the firm established operations for BCIM in Shanghai and appointed Wang Yan as general manager of BCIM, leading a small investment team.

About Bridgewater Associates

Bridgewater Associates is a global leader in institutional portfolio management with more than $160 billion in assets under management. Bridgewater Associates is known for being an industry-leading innovator, having been the first firm to manage currency overlay strategies, the first global inflation bond manager, one of the first managers to separate alpha from beta and offer products based on each, and was the first to advise the U.S. government on the creation of Treasury Inflation-Protected Securities. Located in Westport, CT., Bridgewater Associates manages portfolios for a wide array of institutional clients globally, including public and corporate pension funds, foreign governments and central banks, and university endowments and charitable foundations.

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Source: Bridgewater Associates