Billionaire Ray Dalio to open family office in Singapore

WESTPORT: Ray Dalio, the billionaire founder of Bridgewater 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 Us$15bil, 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.

Janine Racanelli is the chief executive officer of the Dalio Family Office, while Tom Waller is the chief operating officer. It recently hired Oliver Walters, the former head of risk business management for Jpmorgan Chase & Co’s wealth-management division, and last year added Bruce Zimmerman, the former CEO at the University of Texas Investment Management Co as chief investment officer.