Bridgewater Hedge Fund, an asset manager responsible for over $150 billion in global investments, is having its co-CEO Ray Dalio resign from his position at the group, per a transition at the company – he is slated to formally relinquish his role next month, Finance Magnates has learned.
Mr. Dalio moved into the role almost one year ago to help oversee a smooth transition at the group, including Greg Jensen’s co-CEO responsibilities. The move will see Mr. Jenson shift his focus exclusively to the co-CIO role.
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Per the change, Mr. Dalio will also remain at Bridgewater as a co-CIO along with Bob Prince and Mr. Jensen. Upon relinquishing his role, Mr. Dalio’s shift will also see David McCormick join Eileen Murray in the co-CEO position. Mr. Dalio has been with Bridgewater for over four decades, helping manage one of the largest funds globally.
According to Mr. Dalio in a recent statement on the move: “I’m excited about this change and expect to remain a professional investor at Bridgewater until I die or until those running Bridgewater don’t want me anymore.”
“Bridgewater started its management and equity transition, with a goal of having others replace me. As explained at the time, we allowed for this transition to take up to ten years because we knew that getting things right would take some adjusting of the ways we did things and some trial and error,” he added.