PhotoBridgewater Associates, the world’s largest hedge fund, released a statement on Thursday taking issue with what it called “significant mischaracterizations” and a “distortion” of some of its business practices and culture that were described in an article in The New York Times. Of Bridgewater’s two main portfolios, the Pure Alpha fund has lost 8.8 percent, while its All Weather fund has gained 10.4 percent through June. In his complaint, Mr. Tarui said he had no option to air his grievances privately and that his meetings with senior executives over the matter were “widely shared” with other managerial employees. The statement said Bridgewater could not comment on Mr. Tarui’s claims or the complaint, adding that it was going through a legal process. “This year, year-to-date, we have made $1.3 billion for our clients across our strategies,” Mr. Dalio’s statement said.

Source: New York Times July 28, 2016 17:48 UTC