By Allison Morrow, CNN Business
Ray Dalio, the billionaire founder of the world’s largest hedge fund, is stepping down from his role at the firm after 47 years.
“I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” Dalio wrote in a LinkedIn post Tuesday.
Dalio, a former Wall Street trader who founded Bridgewater Associates out of his New York apartment in 1975, said the firm would be in the hands of co-chief investment officers Bob Prince and Greg Jensen, as well as co-chief executives Nir Bar Dea and Mark Bertolini.
The Connecticut-based Bridgewater boasts around $150 billion in assets under management. Dalio, whose net worth is estimated at more than $16 billion, has sought to foster what he calls “an idea-meritocratic culture” achieved through “radical truthfulness and radical transparency.”
According to Bloomberg, which reported Dalio’s departure earlier Tuesday, the firm is notorious for its secrecy and idiosyncratic inner workings.
Under Dalio, open disagreement was encouraged, employees were rated on attributes such as believability, and meetings were recorded, according to Bloomberg.
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