Bridgewater Associates has cemented its position as the top foreign hedge fund operating in China after doubling its assets in the country last year to more than 20 billion yuan ($2.93 billion), according to a report by Reuters.

Bridgewater Associates has cemented its position as the top foreign hedge fund operating in China after doubling its assets in the country last year to more than 20 billion yuan ($2.93 billion), according to a report by Reuters.

The report cites two unnamed sources and government data as revealing that the increase was in part due to the launch of a a new product in December and the continued popularity of Bridgewater founder Ray Dalio (pictured) and his "All Weather" strategy with Chinese investors.

Bridgewater launched its first onshore China fund in 2018, with assets under management (AUM) exceeding 10 billion yuan three years later. By early November last year, the firm's onshore China funds hit around 19 billion yuan while a series of feeder funds raised by China Merchants Bank in December, raised an addition 2.7 billion yuan.