Ray Dalio, the billionaire founder of Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region.

Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, the hedge fund manager’s spokesperson said in a statement, without elaborating on the timing or staffing plans.

The Bridgewater founder “has had for the last three decades excellent relationships in Singapore and China,” according to the statement. “He likes and admires both and he is excited by what is happening in the region.”

Dalio, with a net worth of more than $15 billion, is the latest uber-wealthy business leader to open a family office in Singapore. Vacuum cleaner tycoon James Dyson’s Weybourne Group Ltd. ramped up hiring in 2019 while Shu Ping, one of the billionaires behind Haidilao International Holding Ltd. -- the world’s biggest chain of Chinese hotpot restaurants -- opened Sunrise Capital Management in the city last year.

Janine Racanelli is the chief executive officer of the Dalio Family Office, while Tom Waller is the chief operating officer. It recently hired Oliver Walters, the former head of risk business management for JPMorgan Chase & Co.’s wealth-management division.

Family offices are dedicated firms set up to manage the intimate affairs of the world’s richest households, from personal investments and philanthropic activities to trust structures and every-day arrangements. The ones in Asia have outperformed their global peers thanks to their bigger exposure to Chinese stocks and tech companies, according to UBS Group AG.

The wealth they control -- and the jobs they offer -- are a key reason why Singapore’s government has been keen to attract more to the city state with tax incentives and the Global Investor Program, which gives the super-rich a pathway to permanent residence. About 200 single-family offices are estimated to be managing assets worth about $20 billion in the city.

The offices are also used to fund charitable works. Last month Dalio announced a $25 million grant to education and research provider Wealth Management Institute Ltd. to help train policy makers and investment professionals in Singapore.

Westport, Connecticut-based Bridgewater manages about $148 billion, making it the largest hedge fund manager in the world.