The Westport-based hedge fund Bridgewater Associates is planning to eliminate 100 jobs while placing a new focus on artificial intelligence (AI) endeavors.
According to a report by Bloomberg, Bridgewater CEO Nir Bar Dea is seeking to steer the $138 billion firm into new revenue streams.
“Just doing what we”™ve been doing isn”™t good enough,” said Bar Dea in an interview. “Evolve or die. That”™s what”™s happening here.”
Bar Dea expexts to cut 100 jobs from a workforce of roughly 1,300 over the next two weeks. At the same time, the company will begin a new team focused on creating investment tools powered by AI and machine learning. Bridgewater is also planning to put a greater focus on Asia ”“ with 15 new employees being hired for its Singapore office and new funds being added to widen its exposure across the Pacific.
Bar Dea stated the company is seeking to move beyond the legacy of its founder Ray Dalio, acknowledging the prolonged negotiations to secure Dalio”™s departure were “really hard.”
“The only way to stay relevant is by innovating,” he said. “We”™ve been doing that a little bit slower over the past few years ”¦ These are serious swings we”™re taking. We”™re not dabbling.”
Photo: Nir Bar Dea
