Two top executives at the world’s largest hedge fund have called for votes on each other’s conduct.
The Wall Street Journal’s Rob Copeland and Bradley Hope have published a big story about an internal dispute at $160 billion Bridgewater Associates between co-CEOs Ray Dalio and Greg Jensen.
According to the report, they’re having a dozen top employees and stakeholders vote on the dispute.
Dalio, who founded Bridgewater in 1975, is questioning whether or not Jensen has “integrity”, the report said.
Meanwhile, Jensen, who joined the Westport, Connecticut-based hedge fund 20 years ago and serves as CIO and co-CEO, is questioning if Dalio has fulfilled his succession plan he set forth in 2011.
Upon joining Bridgewater, every employee is required to read Dalio’s “Principles,” a 123-page manifesto.
The principles focus heavily on being truthful and transparent.
For instance, one says, “never say anything about a person you wouldn’t say to them directly, and don’t try people without accusing them to their face.” Another principle says to be “radically transparent,” meaning they record everything.
“Have integrity and demand it from others. A) Never say anything about a person you wouldn’t say to them directly, and don’t try people without accusing them to their face. B) Don’t let ‘loyalty’ stand in the way of truth and openness,” the principles state.
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