The $150 billion largest hedge fund in the world, Bridgewater Associates, which was created by wealthy businessman Ray Dalio, is giving up ownership of the company.
The 73-year-old banker completed the firm’s succession plan on September 30 by giving up his voting rights to the board of directors and resigning from his position as co-Chief Investment Officer, a position he has held since 1985.
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In an interview with Bloomberg, Dalio remarked, “This was the natural sequence of things; as soon as we were ready, we went forward.” I didn’t want to keep going till I passed away.
Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and "machine" now in control. This transition moment is the culmination of a 47-year journey (1/11)
— Ray Dalio (@RayDalio) October 4, 2022
Dalio will continue to mentor Co-Chief Investment Officers Bob Prince and Greg Jensen, as well as the investment committee, and serve as a member of the operational board and a senior investor, “which he wants to do for the rest of his life,” according to a description on Bridgewater’s website.
Before leaving his positions as chairman and chief investment officer at the end of 2021 and as chief executive officer in 2017, respectively, Dalio had led Bridgewater from the company’s creation.
An inquiry for more details did not immediately receive a response from Bridgewater Associates.