Billionaire investor Ray Dalio is relinquishing control of the firm he founded, Bridgewater Associates, the largest hedge fund in the world with $150 billion in assets under management.
“This was the natural progression of events; as soon as we were ready, we went ahead,” Dalio said in an interview with Bloomberg, which was first to report the news on Tuesday before Dalio confirmed in a series of tweets. “I didn’t want to hold on until I died.”
The 73-year-old financier is stepping away from his title as co-Chief Investment Officer, a role in which he served since 1985, and has ceded his voting rights to the board of directors on Sept. 30 in the final step of the firm's succession plan.
Dalio said he will continue to mentor Co-Chief Investment Officers Bob Prince and Greg Jensen, as well as the investment committee. He will also serve as a member of the operating board and as a senior investor.
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. This transition moment is the culmination of a 47-year journey (1/11)
— Ray Dalio (@RayDalio) October 4, 2022
Bridgewater's executive team now comprises Prince and Jensen, along with co-CEOs Nir Bar Dea and Mark Bertolini. Dalio said they would be supported by "a large team of people who have great character, great capabilities, and great devotion to Bridgewater," and "a great board that will oversee them to make sure they do a great job."
"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."
Dalio founded Bridgewater in 1975. Since then, he has served as Bridgewater's Chief Executive Officer, Chief Investment Officer, and Chairman before stepping away from the CEO role in 2017 and as Chairman at the end of 2021. He had initiated a transition plan as far back as 2010 but stayed in the role until now as he looked for successors.
Bridgewater Associates did not immediately respond to a request for further comment.
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc