Hedge fund firm Bridgewater Associates founder Ray Dalio is reportedly planning to launch a family office in Singapore to manage his investments and philanthropy across the region.

Speaking to Bloomberg, Dalio said that it was ‘high time’ to set up a family office in the city-state, while highlighting that he has “excellent relationships” in Singapore and China for the past 30 years.

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Dalio, who has a net worth of over $15bn, “likes and admires both and he is excited by what is happening in the region”, the report said.

According to the report, the Dalio Family Office will be led by CEO Janine Racanelli and COO Tom Waller. The firm recently hired Oliver Walters, who was previously risk business management head at JPMorgan Chase’s wealth management arm.

The timing of the launch and the staffing plans of the new office were not shared.

In addition to Dalio, several other billionaire business leaders have opened family offices in Singapore, which is said to house 200 family offices.

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This includes Shu Ping, one of the billionaires behind Chinese hotpot restaurant chain Haidilao International. Ping opened Sunrise Capital Management in the city last year.

Additionally, a number of wealth management firms, including William Blair, alternative investment manager Citadel and Citadel Securities, recently established their presence in the region.

In September this year, Citi unveiled plans to launch its largest wealth advisory hub in Singapore to serve its Citigold and Citigold Private Client customers.