(Bloomberg) Ray Dalio’s $154 billion Bridgewater Associates became the first foreign hedge fund manager to win approval to set up a wholly owned investment-management business in China, according to Shanghai-based consulting firm Z-Ben Advisors.
Bridgewater won permission to set up the unit, whose business scope includes investment management and advisory, in Shanghai’s free trade zone on March 7, according to a business registration document posted on Z-Ben’s website. Ryan FitzGibbon, a spokesman for Bridgewater at Prosek Partners in New York, declined to comment on behalf of the firm.
