Ray Dalio is relinquishing control of Bridgewater Associates, the Westport-based hedge fund that he founded.
“Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and ”˜machine”™ now in control,” Dalio wrote in a Twitter announcement. “This transition moment is the culmination of a 47-year journey. From my starting Bridgewater w/ 2 people helping me in my 2-bedroom apartment to a multi-generation institution w/ 1,300 people that I”™m helping. I can now visualize it doing great things for generations w/ out me. That’s as good as it gets.”
With $150 billion in assets under its management, Bridgewater Associates is the world”™s largest hedge fund. Dalio will step down from his role as co-chief investment officer and cede his voting rights to the board of directors.
“Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio added. “That’s a dream come true.”
