(Bloomberg) -- Ray Dalio’s Bridgewater Associates LP, the world’s biggest hedge fund, has fallen out of favor at UOB Private Bank, which advises some of Asia’s wealthiest people.

The unit of Southeast Asia’s third-biggest bank has been recommending since around mid-year that clients pull their money from Bridgewater, Chief Investment Officer Neo Teng Hwee said.

“The one that has not done really well for us is Bridgewater,” Neo said in an interview Tuesday. “Previously we used to like it and it was high conviction, but now we’ve removed them from high conviction.”

The call comes amid a tough year for Dalio’s firm, which manages about $160 billion in assets. Its flagship Pure Alpha fund has failed to impress, losing 6% this year through Aug. 23, even as its macro rivals enjoy a rebound.

Bridgewater’s under-performance was the biggest driver behind the shift in sentiment and recommendation, Neo said. It was also worrying that Dalio’s public comments don’t always match the firm’s investment decisions, though he acknowledged this was partly because it has different teams running various strategies.

In October, Dalio said the world economy is under threat from an explosive mix of ineffective monetary policy, a rise in the wealth gap and climate change. The combination will lead to a “scary situation” over the next decade, he said.

Read more: Dalio Says Bridgewater Has No Net Short Bet Against Stocks

Neo said UOB’s best hedge fund investment recommendation has been H20 Asset Management, even though the U.K.-based firm has been beset by a spate of negative publicity that has seen outflows of billions of dollars.

“The one that has done the best for us is H2O and I think it’s up about 40% this year,” Neo said. “We know them very well, I know the owner very well and they’re just amazing.”

Speaking on the sidelines of a UOB event, his bearish call on Bridgewater came despite an overall suggestion to increase investments in alternative assets through 2020, including hedge funds.

UOB ranked 14th among Asia ex-China private banks and managed $34 billion of clients’ assets in 2018, according to data from Asian Private Banker.

--With assistance from Chanyaporn Chanjaroen.

To contact the reporter on this story: David Ramli in Singapore at dramli1@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Peter Vercoe

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