Billionaire investor Ray Dalio announced Tuesday that he is giving up control of Bridgewater Associates, the world’s largest hedge fund.
Why it matters: This is the final step in Dalio relieving control of the firm he founded, transitioning $150 billion in assets to the next generation of leaders.
Driving the news: Dalio gave up his voting powers to the board of directors on Sept. 30, stepping down from his spot as one of the company's three co-chief investment officers, per Bloomberg.
- Dalio founded the firm in 1975.
- "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," Dalio said in a tweet Tuesday.
- "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. That's a dream come true," he added.
What they're saying: Nir Bar Dea and Mark Bertolini, co-CEOs of Bridgewater, said in a letter to employees on Oct. 4 that Dalio's transition out of management was complete.
- The co-CEOS said Dalio will stay on as a CIO mentor and an operating board member.
- "This process wasn’t easy and we didn’t always agree, but together, we’ve now finished something that very few firms or founders have accomplished, shifting from being a founder-led boutique to being an enduring institution led successfully by the next generation."
- "We’d like to thank Ray for all that he’s done and is doing for Bridgewater and to assure him that we’re all going to work our hearts out to make the next chapter at least as good as the previous."
Go deeper: Hedge fund assets and influence grow
