Ray Dalio, founder and co-CIO of Bridgewater Associates, has completed the transition of control of the world’s largest hedge fund to its operating board of directors.
“This transition moment is the culmination of a 47-year journey,” Mr. Dalio said on Twitter. His title changes to CIO mentor and he remains a member of the board of directors, a spokesman said in an email. Greg Jensen and Bob Prince continue as co-CIOs.
Mr. Dalio founded Bridgewater Associates in 1975, and the completion of the transition ends a multiyear succession journey for the firm. The firm announced in January that Mr. Dalio’s plan to hand over decision-making power to a newly appointed operating board of directors, and terms were finalized on Feb. 14.
In an email to employees on Tuesday shared on Bridgewater’s website, co-CEOs Nir Bar Dea and Mark Bertolini said work was completed, papers were signed and the transition was closed on Sept. 30.
“Friday’s step followed Ray’s transition out of management in 2017, the formation of our investment committee in the summer of 2020 (led by Greg, Bob, and several other key investors and asset class leads) and Ray’s shift to focus on mentoring that group then. Since we formed the investment committee, we’ve had strong performance across our alpha strategies, delivering for those clients when they needed it, with our next generation leading the charge,” Messrs. Bar Dea and Bertolini said.
The operating board of directors was formed in December to take on the mantle of decision-making power for Bridgewater Associates.
Members of Bridgewater’s new operating board of directors announced at the time included Messrs. Bar Dea, Bertolini, Dalio, Jensen and Prince; James Haskel, senior portfolio strategist; Noah Yechiely, head of equity research; and Osman Nalbantoglu, co-head of the firm’s investment engine. It also included four independent directors: Mike McGavick, chairman of the operating board and the former CEO of XL Group Ltd.; Sian Beilock, president of Barnard College; Margo Cook, the former president of Nuveen Advisory Services; and John Megrue, former CEO and chairman of Apax Partners.
