It’s official: Bridgewater Associates is the largest hedge fund in the world.
The Westport firm — located in the woods of Glendinning Place, off Weston Road just beyond the Lyons Plains traffic light — has $38 billion assets under management, according to The Hedge Fund BlogMan. That’s a cool $5 billion more than runner-up JPMorgan Asset Management in New York.
Congratulations, I guess. I guess too the path to being the biggest hedge fund in the world includes keeping a low, discreet profile. Bridgewater certainly has not been a noticeable player in town philanthropy.
I recall seeing a few company ads, in programs for plays and the like. Beyond that, I can’t say what Bridgewater’s contribution to Westport life has been.
Compared to companies like Mitchells, Newman’s Own and Tauck World Discovery — and even now-departed businesses like Marketing Corporation of America — Bridgewater is a fly on the back of an elephant.
An argument could be made that, as a global financial services firm, they don’t owe Westport anything.
A counter-argument is that, no matter who you are or what you do, you owe your home town something. That’s my view, anyway.
I hope I’m missing something. Perhaps Bridgewater underwrites major civic programs, or surreptitiously keeps many organizations afloat.
If that’s the case, I take everything back.
And if it’s true, I’m sure that “06880” readers will quickly let me know.
I’m guessing that they do support anonymously (because via tax breaks donations are good for the firm’s bottom-line), and while making donations anonymously is considered ‘old school’ there’s something more civic-minded about The Anonymous Donation than it’s alternative, right?
“Anonymous Donation” is fine when your talking big bucks. But sometimes it’s a way to hide from small donations. Maybe Bridgewater will be more forthcoming about their local support.