(Adds context on Bridgewater's previous management moves)
By Lawrence Delevingne
NEW YORK, March 1 The world's largest hedge fund
manager, Bridgewater Associates, is once again changing its
leadership structure as part of a 10-year transition plan led by
founder Ray Dalio.
Dalio, a billionaire with influential macroeconomic views,
will no longer serve as co-chief executive officer of the
Westport, Connecticut-based firm, according to a note he posted
on LinkedIn on Wednesday. Dalio, 67, will remain co-chief
investment officer (CIO) and co-chairman.
The move comes as Jon Rubinstein, a former Apple executive
who was hired as co-CEO in May, plans to leave the firm but will
remain an advisor, the note said.
"We mutually agree that he is not a cultural fit for
Bridgewater," Dalio wrote on LinkedIn.
Bridgewater manages about $160 billion, according to its
website, and is known for a unique culture of "radical truth and
radical transparency" whereby intellectual conflict is
encouraged to promote a meritocracy of ideas, avoiding
traditional office politics.
The culture is not for everyone. The firm is known for
relatively high turnover among its roughly 1,700-person staff.
An estimated 25 percent depart during the first 18 months of
The note from Dalio also said that David McCormick, already
Bridgewater's president, will join Eileen Murray as co-CEO.
McCormick had been under consideration for roles within the
administration of President Donald Trump; in January, he
declined an offer to be U.S. deputy secretary of defense.
"David, Eileen, and the people who support them have a
proven understanding of Bridgewater and its unique culture, and
they treasure these things," Dalio wrote.
The moves announced Wednesday underscore Bridgewater's
willingness to experiment with different people -- including
both old hands and newcomers -- in different executive roles and
then quickly change those positions if they do not work as part
of the succession plan.
Dalio returned as co-CEO last year after another shake-up of
the top ranks when Greg Jensen, who was also co-CIO, stepped
down as co-CEO. The dual roles were deemed to be too "tough,"
according to the note Wednesday. Jensen remains a key figure as
co-CIO along with Dalio and Robert Prince.
The core of Bridgewater's senior management, including
Jensen and Prince, have been with the firm for decades. Others
were hired in the last 10 years, including McCormick and Murray
in 2009 and management committee member Osman Nalbantoglu in
More recent additions to the firm include chief financial
officer Nella Domenici, chief operating officer Olivier Kohler,
and co-chairman John Megrue.
Some management committee members hired in recent years have
already departed, including former GE Capital executive Joe
Parsons, former HSBC executive Tony Murphy, and former Accenture
executive Kevin Campbell.
'UNTIL I DIE'
"Any organization run by a 60+ year old that says that it
isn’t in transition is either naïve or disingenuous," Dalio
added, noting a 10-year process started around 2010 to
eventually replace him.
Dalio made it clear the moves, which will be complete by
April 15, did not amount to his retirement.
"I’m excited about this change and expect to remain a
professional investor at Bridgewater until I die or until those
running Bridgewater don’t want me anymore," Dalio wrote.
(Reporting by Lawrence Delevingne; Editing by Carmel Crimmins
and Phil Berlowitz)