Bridgewater Associates Promotes Joanna Alpert to Head of Business Unit

Bridgewater Associates has promoted Joanna Alpert, China’s general manager, to head a recently launched business unit focused on managing and creating new investment products.

Announcement and Background:

Co-Chief Investment Officer Karen Karniol-Tambour announced Alpert’s promotion in a letter to employees, highlighting her six years of experience in China, where Bridgewater is the largest foreign hedge fund. Reuters reviewed excerpts of the letter.

Growth in China:

In January, Bridgewater nearly doubled its assets under management in China to 40 billion yuan from the previous year, with its funds outperforming rivals. 

Following her promotion, Alpert will relocate from Shanghai to the U.S. She will report to Karniol-Tambour while maintaining her role as general manager of Bridgewater in China.

Recent Reorganization:

As part of a recent reorganization, CEO Nir Bar Dea divided Bridgewater’s business into two new units:

1. Alpha Engine: Concentrates on the firm’s flagship fund, Pure Alpha.
2. Total Portfolio Strategies: Led by Alpert, focuses on partnering with clients to create bespoke investment programs. This unit includes the All-Weather funds, designed to track markets more closely than Pure Alpha, and the Defensive Alpha fund, which generates returns negatively correlated to equities.

Alpert’s Role and Experience:

Karniol-Tambour noted in the letter that Alpert is now “in the seat of building this key part of Bridgewater’s business.” Alpert joined Bridgewater in 2005, left in 2008, and returned a decade later to lead the firm’s Chinese operations.

Since founder Ray Dalio stepped down in October 2022, Bridgewater has been vocal about expanding its services. CEO Nir Bar Dea stated last year that Bridgewater was increasing its presence in Asia through Singapore and saw opportunities in equities and sustainability products.