Dalio's Bridgewater Associates Won Approval To Set Up Subsidiary in China

Hedge fund Bridgewater Associates, founded by Ray Dalio, has recently got approval to start a business in Shanghai in China, according to a report on WSJ. http://www.wsj.com/articles/big-hedge-fund-bridgewater-approved-to-set-up-shanghai-subsidiary-1463384986 The latest approval could raise some hopes for some of the peers of Bridgewater on China, where foreign-run hedge funds are rare. The report, citing a Chinese regulatory filing, says Dalio registered "Bridgewater (China) Investment Management Ltd. on March 7 with capital of 50 million yuan ($7.6 million)." The Journal noted that Z-Ben Advisors, a Shanghai market research firm, pointed to the new registration in a report published on Monday. The report also said that the Bridgewater got the approval for the name of its Chinese subsidiary in October, when China was still recovering from the stock-market crash and devaluation of Yuan. "While there are concerns over credit quality in certain segments, China still does offer comparatively high-quality bonds and with decent yields," WSJ reported quoting Z-Ben. As per its website, Westport, Connecticut-based Bridgewater manages about $150 billion in global investments for a wide array of institutional clients, including foreign governments and central banks, corporate and public pension funds.