Hedge fund billionaire Dalio to open office in Singapore

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FILE PHOTO: Ray Dalio, founder, co-chief investment officer and co-chairman of Bridgewater Associates, speaks at the 2019 New Economy Forum in Beijing

NEW YORK (Reuters) - Ray Dalio, founder of hedge fund Bridgewater Associates LP, is opening an office in Singapore to run his investments and philanthropy in the region.

Dalio has been building relationships in Singapore and China for the past three decades and he and his family believe it is "high time" they have a physical presence there, a statement from the Dalio Family Office said on Friday.

"In that way they become more immersed in what is going on," the statement said.

Singapore has long attracted investors from China and Southeast Asian countries by offering tax incentives and fast-tracking super-rich individuals for permanent residency.

Family offices handle the wealth of the very rich and their kin. The family office industry grew in assets under management from about $4 trillion in 2017 to $5.9 trillion last year, according to market research firm Campden Research.

(Reporting by Matt Scuffham; Editing by Tom Brown)