Bridgewater Associates has entered into a partnership with professional services company Genpact to outsource a number of its corporate functions, which it said will create a digital hub in Stamford.
New York City-based Genpact will manage parts of Bridgewater’s human resources, recruiting and finance processes, all of which the Westport hedge fund – the world’s largest – had been doing in-house.
The services will be delivered through a process that Bridgewater said will seamlessly join those functions together through digital technologies and customer experience design methods, resulting in an improved experience for Bridgewater’s employees and its customers.
Genpact will be establishing a digital hub on the site of Bridgewater’s offices at Harbor Point in Stamford, and an unspecified number of Bridgewater employees will become employees of Genpact. In addition, as the digital hub establishes itself, Genpact expects to serve additional clients that it said will benefit both the city and the state.
The Westport firm noted that in 2012, Bridgewater co-CEO Eileen Murray led a transformation of its middle- and back-offices in a partnership with Bank of New York Mellon and Northern Trust. The first of its kind “dual back-up” approach allows key firm processes to be independently executed by two unrelated service providers, enabling Bridgewater to provide the highest level of asset safety and portfolio valuation accuracy to its clients, Murray said.
“We are constantly searching for ways to improve our business as well as improve the experience for our clients and employees,” she said, adding that the Genpact agreement “will allow us to harness the latest in process expertise, digital innovation, and design thinking to connect our operations and deliver optimal results.”