Bridgewater Associates is a global leader in institutional portfolio management, with approximately $159 billion in assets under management (as of October 2016), including $75 billion in its Pure Alpha strategy; $60 billion in its All Weather strategy; and $24 billion in its Optimal Portfolio strategy. Bridgewater began investment operations in 1975 and is a pioneer in risk budgeting and the separation of alpha and beta for institutional clients globally, including pension funds, foreign governments and central banks, university endowments and charitable foundations.