BEIJING — American hedge fund manager Ray DalioA local subsidiary is responsible for launching a China fund. according to a report in China’s Securities Times, citing sources.

According to Tuesday’s report, the fund seeks to raise over 3 billion Yuan (468.8 millions).

Dalio’s Bridgewater Associates has the most global hedge fund, $223 billion of assets as per a July 9 filing to the U.S Securities and Exchange Commission. The document revealed that nearly 59% (or more than half) of the assets in question belonged to clients outside the United States.

Bridgewater (China Investment Management), a wholly owned subsidiary of the company based in Shanghai, introduced its first mainland China product to investors.