The hedge fund king

IN 1994, the Government of Singapore Investment Corporation (GIC) recruited a small and little-known hedge fund in the US called Bridgewater Associates as one of its external fund managers. Led by a maverick founder named Ray Dalio, Bridgewater had a staff of 39, an unorthodox approach to investing and a corporate culture that was considered unconventional and even bizarre.

Fast forward to the present. Last month, Bridgewater and GIC celebrated the 20th anniversary of their relationship. With a client base that includes many of the world's top sovereign wealth funds, central banks and institutional investors, Bridgewater has grown to become the world's largest hedge fund, with a staff of 1,500 and assets under management in excess of US$150 billion.

Mr Dalio, 65, the son of a jazz musician, is one of America's richest individuals with a net worth estimated by Forbes at US$15.2 billion. A cult-like figure who dispenses advice not only about investment and economics but also about life, he is the new king of hedge funds.