Ray Dalio, founder of Westport-based Bridgewater Associates – the world’s largest hedge fund firm, with $160 billion under management – earned an estimated $1.4 billion in 2016, according to Forbes’ annual list of the highest-earning hedge fund managers and traders.
Dalio, a Greenwich resident, came in third behind James Simons, founder of Renaissance Technologies, and Michael Platt, founder of BlueCrest Capital Management. Dalio was also the only Connecticut resident on the list.
Earlier this month the 67-year-old executive announced he would be stepping down as Bridgewater Associates co-CEO on April 15. Jon Rubinstein, Dalio’s co-CEO, left the company at the same time as Dalio’s announcement. Eileen Murray and David McCormick will be co-CEOs.
“As I love markets, I’m excited about this change and expect to remain a professional investor at Bridgewater until I die or until those running Bridgewater don’t want me anymore,” Dalio said in a statement posted on LinkedIn.