Move by famously secretive hedge fund follows others in rushing to ink deals with big names in alternative assets
Bridgewater, one of the world’s largest hedge funds, is joining forces with State Street’s asset management arm to tap retail investors in the latest effort by money managers to look for new customers beyond their traditional strengths. The partnership announced on Tuesday will start with an exchange traded fund that will track one of Bridgewater’s best-known strategies.
The traditional managers want to stay relevant as retail customers and their advisers move into new sectors and like the higher fees these products can command. “Bridgewater is known for its 40-year history of delivering resilient, diversified portfolios and insights to many sophisticated institutional global investors,” Anna Paglia, State Street Global Advisor’s chief business officer, said.
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