Billionaire investor Ray Dalio has finally relinquished control of the world’s largest hedge fund.
What happened: According to Bloomberg reportDalio, founder of Bridgewater Associates, controls the hedge fund 12 years after a transition plan was originally drawn up.
On September 30, Dalio vested all of his voting rights on the board and resigned from his role as one of Bridgewater’s three co-chief investment officers.
“Ray no longer has the last word. This is a big change,” said Bridgewater Co-CEO Nir Bar Dea allegedly said.
Dalio first initiated a transition plan in 2010 but struggled to find the right successors. Now that Dalio has found the right people to lead the company into the future, relinquishing control made the plans final and irreversible.
“That was the natural course of events; once we were ready, we moved on,” said Dalio.
Dalio graduated with a BS in finance from CW Post College in 1971 and received an MBA from Harvard Business School in 1973 before founding Bridgewater Associates in his two-bedroom apartment in New York City.
He says he built Bridgewater into the world’s largest hedge fund and the fifth most important private company in the United States wealth.
The billionaire hedge fund manager will retain his seat on Bridgewater’s board under the title of “founder and CIO mentor.”
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