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Murray joined the $160 billion hedge fund in 2008 and has been co-CEO since 2013. David McCormick will remain as sole CEO.
"I'm now at a stage in my life in which the most important thing I can do is help others be successful," according to the 70-year-old head of Bridgewater Associates.
“We have to make capitalism work for the average person,” the Bridgewater Associates honcho said. If the wealth gap persists, he added, “We are all going to try to kill each other.”
The Westport-based hedge fund executive believed China was "quietly winning the geopolitical war."
“Recessions are always inevitable,” Dalio said in an interview with CNBC. “The only question is: ‘When?’"
"Worth keeping in mind is how Chinese and Americans fight wars differently," said the Bridgewater Associates founder.
The hedge fund, which prides itself on "radical transparency," would not comment on the story.
Bridgewater's fees left the pension fund with only half of its annualized returns.
The move stems from a new alliance with professional services company Genpact, announced earlier this month.
Genpact will be establishing a digital hub on the site of Bridgewater's offices at Harbor Point in Stamford.
The nation’s wealthiest person, according to Forbes, is Amazon Founder, Chairman and CEO Jeff Bezos, with a net worth of $160 billion.
Bridgewater Associates, the world's largest hedge fund, purchased 84,629 shares of Alibaba, the Chinese e-commerce giant, for $15.7 million during the second quarter.
Westport-based Bridgewater Associates, the world’s largest hedge fund, is being reorganized into a partnership structure that will cede more control to top executives.
Ray Dalio’s Westport-based hedge fund Bridgewater Associates has made a total short bet of $22 billion against some of Europe’s major corporations.