American hedge fund manager Ray Dalio is launching a new China fund through a local subsidiary, according to China's Securities Times, citing sources.
The fund aims to raise more than 3 billion yuan , according to the report on Tuesday.
Dalio's Bridgewater Associates is the largest hedge fund in the world, with $223 billion in assets under management as of a July 9 filing with the U.S. Securities and Exchange Commission. Over half, or nearly 59%, of those assets belonged to non-U.S. clients, according to the document. In 2018, the firm's Shanghai-based wholly-owned subsidiary, Bridgewater Investment Management, launched its first onshore China product for investors in the mainland.
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