Big Management Changes At Bridgewater – Dalio Expects “to remain a professional investor at Bridgewater until I die”

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Lots of changes at Bridgewater Associates were just announced by Ray Dalio on his Linkedin page see below for details but bellow we highlight the key ones. We will have more coverage soon so stay tuned.

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I am happy to report that my transition out of management will be complete as of April 15th.

As a reminder, ten months ago I temporarily stepped back into management as interim co-CEO for a one-year stint in order to help transition Greg Jensen’s co-CEO responsibilities. Handling both a co-CEO job and a co-CIO job is tough. For that reason, we decided that Greg would shift his full attention to the co-CIO role. I will be doing the same in April. As I love markets, 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. So Bob Prince (who has been with Bridgewater for 31 years), Greg Jensen (who has been with Bridgewater 21 years), and I (who have been here 42 years) will remain focused on investing as co-CIOs. In addition, Osman Nalbantoglu (who has been at Bridgewater for nine years) continues to run our portfolio implementation and trading/execution areas, and eight of our key investment research associates will step up into senior researcher roles. These 12 people are supported by hundreds of researchers and technologists, giving Bridgewater the strongest investment team the firm has ever had and a deep bench of experienced investment professionals.

I can now permanently transition out of the interim co-CEO role because we now have confidence in the people and processes that will lead Bridgewater’s management without me. David McCormick will be stepping up to join Eileen Murray in the co-CEO role. As you know David, who is currently President, has been at Bridgewater for eight years and has been a critical part of our success. Over the last year, he, Eileen (who has been at Bridgewater for eight years and a co-CEO for four years), and I ran the business part of Bridgewater with Co-CEO Jon Rubinstein, who was new and focused mostly on technology.  We worked together to build-up our governance, management support, and metrics systems in a way that has demonstrated that David and Eileen can run Bridgewater without me as a co-CEO. Most importantly David, Eileen, and the people who support them have a proven understanding of Bridgewater and its unique culture, and they treasure these things.

Jon Rubinstein will step out of the co-CEO role and will be leaving Bridgewater, though he will remain an advisor.  While over the last ten months Jon has helped build a plan to re-design our core technology platform and has brought in a group of extremely talented executives to build out our technology leadership, we mutually agree that he is not a cultural fit for Bridgewater. As a result, we have put in place a plan for him to transition to an advisor role in April. I really do appreciate Jon’s hard work and contributions.

Carsten Stendevad, the former CEO of the large Danish pension fund ATP, is joining Bridgewater as part of our new “Bridgewater Senior Fellowship Program,” which will bring highly distinguished individuals into Bridgewater for a year to explore what our culture is like and lend their expertise and insights to our organization. We expect a limited number of such special people to join this program in the future.

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