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Ray Dalio is stepping down from managing the world's biggest hedge fund firm amid a company-wide shake-up

March 02,2017 04:24

Dalio will stop managing Bridgewater Associates by mid-April, according to a client note Wednesday reviewed by Business Insider. Dalio said in the note that he had "temporarily stepped back into management" 10 months ago to help transition Greg Jensen ...and more »



Bridgewater Associates
founder Ray Dalio.

YouTube / Rich
Talk

Ray Dalio, who oversees the world's biggest hedge fund firm, is
stepping down from management amid a company-wide shake-up.

Dalio will stop managing Bridgewater Associates by mid-April,
according to a client note Wednesday reviewed by Business
Insider. Dalio said in the note that he had "temporarily stepped
back into management" 10 months ago to help transition Greg
Jensen's co-CEO role.

Dalio will remain co-chief investment officer along with Bob
Prince and Jensen. Dalio wrote that he expected "to remain a
professional investor at Bridgewater until I die or until those
running Bridgewater don't want me anymore."

Bridgewater is the world's biggest hedge fund firm, managing
about $103 billion in its hedge funds as of midyear 2016,
according to the HFI Billion Dollar Club ranking.

Bridgewater's culture is known for being unusual and difficult.
In its world of "radical transparency" and "radical truth,"

employees rate one another's performance in real time on
proprietary iPad apps, and nearly all meetings are recorded
to be available for scrutiny. The company reports that 30% of
employees leave within their first two years.

A slew of other changes were also announced in the client note:
"David McCormick will be stepping up to join Eileen Murray in
the co-CEO role."

Jon Rubinstein is leaving Bridgewater after 10 months (he was
previously also co-CEO) because he did not fit into Bridgewater's
culture, Dalio wrote. Rubinstein, who previously worked for
Apple's Steve Jobs, will continue to advise the firm.

"Osman Nalbantoglu (who has been at Bridgewater for nine
years) continues to run our portfolio implementation and
trading/execution areas, and eight of our key investment research
associates will step up into senior researcher roles."

"Carsten Stendevad, the former CEO of the large Danish
pension fund ATP, is joining Bridgewater as part of our new
'Bridgewater Senior Fellowship Program,' which will bring highly
distinguished individuals into Bridgewater for a year to explore
what our culture is like and lend their expertise and insights to
our organization."

"John Megrue joined me as a co-chairman on January 1st. John
has been a leader in the private equity industry for over 30
years and is currently chairman of Apax Partners US."

Bridgewater has now posted the full memo to clients on
LinkedIn.

SEE ALSO: The new co-CEO of hedge fund giant Bridgewater worked for Steve Jobs for 16 years — here's why Ray Dalio hired him

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