Ray Dalio – a renowned hedge fund manager and a major player in Singapore’s financial sector – confirmed the tragic loss of his son from a car accident in the U.S.
Devon Dalio, 42, reportedly crashed an Audi he was driving into a Verizon store in Greenwich, Connecticut, according to a local media report.
The younger Dalio reportedly crossed over a parking strip and mounted a curb before hitting the doors and driving all the way into the store. Greenwich police said the car’s gas tank probably ruptured which resulted in an explosion that almost destroyed the store. The cause of the crash is still under investigation.
Dalio was a co-founder and partner at P-Squared Private Equity and a former project manager at his father’s firm.
Ray Dalio in Singapore
Dalio has been recently increasing his presence in Singapore, most notably with the entrance of his family office led by ex-J.P. Morgan private banker Janine Racanelli. His contributions extend beyond being a mere market participant to education and training through a $25 million grant focused on establishing principles in sustainable investing.
The 71-year old Dalio is the founder and co-chief investment officer of Bridgewater Associates with an estimated net worth of $15.5 billion, according to the Bloomberg Billionaires Index.
«My family and I are mourning and processing and would prefer to be incommunicado for the time being,» Dalio said on social media.
