Ray Dalio, the billionaire founder of Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.

Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, the hedge fund manager’s spokesperson said in a statement, without elaborating on the timing or staffing plans.

The Bridgewater founder “has had for the last three decades excellent relationships in Singapore and China,” according to the statement. “He likes and admires both and he is excited by what is happening in the region.”

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