Billionaire investor Ray Dalio will give up control of Bridgewater Associates after first establishing the hedge fund more than four decades ago.
Ray Dalio will give up control of hedge fund Bridgewater Associates, according to a «Bloomberg» interview with co-chief executive Nir Bar Dea, after transferring all of his voting rights on September 30 to the board of directors and stepping down as one of the three co-chief investment officers (CIO).
Dalio has no plans to sell his minority stake in Bridgewater but he will retain his seat on the board and take on the new role of CIO mentor.
Bridgewater Associates
Dalio was a former commodities trader and broker before founding Bridgewater in 1975 from a two-bedroom apartment in New York. The hedge fund would go on to accumulate tens of billions of dollars in assets following strong performance in the 2000s.
«Ray no longer has the final word,» Bar Dea said. «That’s a big change.»
