Bridgewater Associates, the world’s largest hedge fund, is reportedly giving more control to its top executives, the latest move as billionaire founder Ray Dalio takes a lesser role managing the $US150 billion firm’s day-to-day operations.
“This will both broaden the ownership across the firm and help us remain employee controlled for generations to come,” Bridgewater’s co-chief executives, David McCormick and Eileen Murray, wrote in a Thursday letter to clients that was reviewed by The New York Times.
Last year, Dalio announced he would step down from managing the firm, Business Insider reported at the time. According to a client note from the time, Dalio said he expected “to remain a professional investor at Bridgewater until I die or until those running Bridgewater don’t want me anymore.”
Dalio remains co-CIO and co-chairman of the firm.
The firm’s new so-called employee partners will become economic owners of Bridgewater and have some responsibility over the direction of the firm, a person close to the firm wrote in an email to Business Insider. In addition, these people will elect three people to Bridgewater’s board, the person wrote.
You can read the full Times report here.