Bridgewater Associates has appointed long-serving investor Bob Prince as chair of its board of directors, following a standout year of performance for the world’s largest hedge fund firm, according to a report by Reuters.
The report cites a sterane from teh firm as revealing that Prince, one of Bridgewater’s Co-Chief Investment Officers and a four-decade veteran at the firm, is replacing outgoing chair Mike McGavick. Former chair Margo Cook will remain on the eight-member board as an external director.
The leadership change comes after Bridgewater delivered the highest profits in its 50-year history in 2025. Its flagship Pure Alpha strategy returned 34%, benefiting from volatility across global markets driven by US trade tensions, shifts in monetary policy and strong moves in equities, currencies and commodities.
Prince joined Bridgewater in 1986, when the firm was primarily a research operation led by founder Ray Dalio. Over the years, he has played a central role in shaping Bridgewater’s macro investing framework and its flagship strategies, including the firm’s widely followed risk parity approach.
Today, Bridgewater manages approximately $92bn in assets and runs a suite of global macro strategies, including Pure Alpha, All Weather, Asia Total Return, China Total Return and the AIA Macro fund, which incorporates artificial intelligence into portfolio construction. The firm has also expanded into newer initiatives, including a $5bn AI-focused strategy and an ETF developed in partnership with State Street Global Advisors.
Bridgewater CEO Nir Bar Dea, who took over the role in 2022, has overseen a strategic reset at the firm, including limiting new inflows into Pure Alpha and returning capital to investors to improve flexibility and opportunity capture. Founder Ray Dalio has fully exited the firm after selling his remaining stake and stepping down from the board.
The hedge fund has also moved to broaden employee ownership, with plans for more than 60% of staff to hold equity stakes in 2026. Bridgewater employs between 1,200 and 1,300 people, with ownership historically concentrated among senior investment professionals.
Prince will continue to serve as co-CIO alongside Karen Karniol-Tambour and Greg Jensen.
