Ray Dalio, the billionaire investor who built Bridgewater Associates into one of the world’s biggest hedge funds, is stepping down as co-chief investment officer of the $150 billion firm, according to a report by Bloomberg. Dalio has handed over control of Bridgewater, to a new generation of investors, as the final part of a succession plan.
Dalio has transferred his majority stake to the firm’s board but remains a “meaningful” owner of the fund. His job title has changed from co-chief investment officer, to chief investment officer mentor.
The 73-year-old billionaire investor, who stepped down as Bridgewater’s CEO in 2017 and as chairman at the end of last year, is retaining his seat on the firm’s operating board of directors, alongside the other 12 members.
The final step in the succession plan comes during a good year for Bridgewater’s flagship Pure Alpha fund, which is up almost 35% in the first three quarters of the year having returned an average of 11.32% annually since its launch in 1991.
