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Ray Dalio's Bridgewater Hires Northern Trust

Jan 08, 2013
Jing Chen

Custodial bank Northern Trust has been hired by Ray Dalio’s Bridgewater Associates support its back office transformation plan.

Chicago-based Northern Trust announced Tuesday that its hedge fund administration unit will provide middle-office and back-office services for Bridgewater including “replicating various administrative processing, trade processing, valuation, real-time reporting, cash management, accounting and collateral management services.”

With offices throughout the world, Northern Trust has nearly $750 billion in assets under investment and $4.8 trillion in assets under custody. One of the most prominent hedge funds in the world, Connecticut-based Bridgewater manages approximately $140 billion in assets.

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