Bridgewater Associates — the world’s largest hedge fund firm — has entered into a partnership with professional services company Genpact to effectively outsource a number of its corporate functions.
Bridgewater announced Tuesday that Genpact will manage parts of its human resources, recruiting, and finance processes, all of which the firm previously handled in-house.
This comes after the hedge fund firm posted stellar performance in 2018. Its flagship Pure Alpha strategy gained 14.6 percent net of fees for the year.
“I am extremely excited about this partnership with Genpact as I believe it will allow us to harness the latest in process expertise, digital innovation, and design thinking to connect our operations and deliver optimal results,” said Eileen Murray, co-chief executive officer of Bridgewater, in a statement.
Co-CEO David McCormick added that the move will improve the quality of the corporate service it uses, the announcement shows.
[II Deep Dive: Bridgewater Posts a Stellar 2018]
Genpact, for its part, will operate out of Bridgewater’s newest offices at Harbor Point in Stamford, Connecticut. The company plans to hire several Bridgewater employees, and as it grows, expects to serve clients beyond Bridgewater, according to the announcement.
“The platform we have developed with Bridgewater, using strategic design and advanced digital technologies, we believe over time will become a model for the broader financial services industry,” said Tiger Tyagarajan, president and CEO of Genpact.
The company is publicly traded and as of 2 p.m. EST, its shares were up 1.72 percent on the news.
Bridgewater manages $160 billion in assets, according to its announcement.
