Ray Dalio gives up Bridgewater's control as part of succession plan

Ray Dalio, the billionaire capitalist who built Bridgewater Associates into 1 of the world's biggest hedge funds, has handed implicit power of the $150 cardinal steadfast to a caller procreation of investors, Bridgewater said connected Tuesday.

Dalio has transferred his bulk involvement to the committee but remains a "meaningful" proprietor of the $150 cardinal hedge fund, the institution said. He has stepped down arsenic 1 of 3 co-chief concern officers and volition person a caller rubric the steadfast said: laminitis and CIO mentor.

The 73-year-old billionaire stepped down arsenic Bridgewater's main enforcement serviceman successful 2017 and president astatine the extremity of 2021, pursuing which the prolific hedge money manager served successful his existent relation focusing connected mentoring the committee that has oversight implicit the firm's concern strategies.

Dalio, who founded Bridgewater successful 1975, volition present clasp a presumption arsenic a subordinate of the operating board, elder capitalist and arsenic a mentor to the firm's CIOs.

A self-proclaimed sinophile, Dalio besides enjoys immense popularity successful China, wherever his institution became the No. 1 overseas hedge money location past year, adjacent arsenic Washington and Beijing were successful the midst of a harsh auditing dispute.