Ray Dalio, the 75-year-old billionaire founding father of Bridgewater Associates, is formally stepping away from the hedge-fund agency he based in 1975.
Picture Credit score: Roy Rochlin / Stringer | Getty Pictures. Ray Dalio.
A letter despatched to purchasers final week revealed that Dalio offered his remaining shares within the agency to Bridgewater, The Wall Road Journal reported. He additionally gave up his seat on the board however intends to stay “a shopper and mentor,” he stated within the word.
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Dalio launched Bridgewater 5 many years in the past out of his two-bedroom condo in New York Metropolis. Throughout his tenure, he served as CEO, CIO and chairman, rising Bridgewater to one of many largest hedge funds on the earth with $168 billion property underneath administration in 2019.
These property fell to $92.1 billion on the finish of final yr after it twice capped its flagship Pure Alpha fund in an try to spice up efficiency, a number of folks accustomed to the matter informed WSJ.
Dalio has a internet price of $16 billion, based on Bloomberg Billionaire Index.
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Nir Bar Dea serves as Bridgetwater’s present CEO. Bob Prince, Greg Jensen and Karen Karniol-Tambour act because the agency’s co-CIOs.
Dalio shared his perspective on his departure in a LinkedIn put up printed on July 31.
“I’ve been requested loads about how I really feel about passing alongside Bridgewater after having began and constructed it over the past 50 years,” Dalio wrote. “Above all else, I’m thrilled about it as a result of I like seeing Bridgewater alive and effectively with out me — even higher than alive and effectively with me. That is as a result of I see this as [an] as-good-as-it-gets life cycle.”
Ray Dalio, the 75-year-old billionaire founding father of Bridgewater Associates, is formally stepping away from the hedge-fund agency he based in 1975.
Picture Credit score: Roy Rochlin / Stringer | Getty Pictures. Ray Dalio.
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