Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, has resigned from his duties, the billionaire shared today. His resignation is the final step of fully succeeding the company to a new generation of investors.
“This was the natural progression of events; as soon as we were ready, we went ahead,” says Dalio, 73, in a statement to Bloomberg. He will keep his seat on the board with a new title: founder and CIO mentor. “I didn’t want to hold on until I died.”
On Sept. 30, he transferred all of his voting rights to the board of directors and stepped down as one of Bridgewater’s three co-chief investment officers. Now that he has found successors for his role, Dalio is relinquishing all say in the company.
“Ray no longer has the final word,” co-Chief Executive Officer Nir Bar Dea said in an interview. “That’s a big change.”
Bridgewater saw recent struggles during the rise of the COVID-19 pandemic. However, the company has begun performing well again, just in time for a new set of hands to take over and continue moving the world’s largest hedge fund forward. Its flagship Pure Alpha strategy has advanced 34.6% this year through Sept. 30. All Weather, an approach designed to deliver more stable returns, has lost 27.2%.
Ray Dalio founded Bridgewater Associates in 1975. The firm amassed tens of billions of dollars in assets in the 2000s, picking up many big clients along the way. With new leadership, Bridgewater Associates looks to adapt even more to the future, investing more aggressively in technology and in people.
“It’s the most beautiful thing to see,” Dalio adds. “Bridgewater is my extended family, and now my family is well without me. It’s a joy. They’re strong.”