Categories: Business

Ray Dalio provides up Bridgewater’s management as a part of succession plan

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Ray Dalio, Bridgewater Associates, Founder, Co-Chairman & Co-CIO, on the WEF in Davos, Switzerland on Could twenty fourth, 2022.

Adam Galica | CNBC

Ray Dalio, the billionaire investor who constructed Bridgewater Associates into one of many world’s greatest hedge funds, has handed over management of the $150 billion agency to a brand new era of traders, Bridgewater mentioned on Tuesday.

Dalio has transferred his majority stake to the board however stays a “significant” proprietor of the $150 billion hedge fund, the corporate mentioned. He has stepped down as one in every of three co-chief funding officers and could have a brand new title the agency mentioned: founder and CIO mentor.

The 73-year-old billionaire stepped down as Bridgewater’s chief government officer in 2017 and chairman on the finish of 2021, following which the prolific hedge fund supervisor served in his present function specializing in mentoring the committee that has oversight over the agency’s funding methods.

Dalio, who based Bridgewater in 1975, will now maintain a place as a member of the working board, senior investor and as a mentor to the agency’s CIOs.

A self-proclaimed sinophile, Dalio additionally enjoys large reputation in China, the place his firm grew to become the No. 1 international hedge fund home final 12 months, at the same time as Washington and Beijing had been within the midst of a harsh auditing dispute.

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