"Chuanqiao Water Fund cuts 7% of its staff to maintain 'flexibility'"

According to informed sources, the world's largest hedge fund Bridgewater Associates laid off 7% of its employees on Monday in order to maintain efficiency and flexibility in hiring top talent. The sources said the layoffs affected approximately 90 employees. The company's current workforce has now returned to 2023 levels and will continue selective hiring. Last year, Two Sigma Investments and Brevan Howard Asset Management also cut around 10% of their staff. "Over the past three years, Bridgewater has been focused on rapid growth, setting big goals, and achieving them at all costs," a spokesperson for the Connecticut-based company said in a statement. "This includes doing some difficult things even when the economy is good, such as maintaining high standards and organizational flexibility." Founded by Ray Dalio and led by CEO Nir Bar Dea, Bridgewater saw double-digit returns on most of its strategies last year, including 11.3% on its Pure Alpha macro fund. As of July this year, the company managed assets of around $160 billion. In a letter to investors disclosing the layoff plan, Bridgewater stated that its leadership team "ensures alignment of its strategy and resources" to achieve its goals. "The result will be a more vibrant ecosystem of ideas, innovation, and impact, highlighting our elite values."