Ray Dalio Turns Over Control Of Bridgewater Associates To “The Next Generation”
Analysts say it’s been a long time coming. Ray Dalio, the founder of Bridgewater Associates, has been on his way to transitioning control of the company to co-CIOs and co-CEOs in the last 12 years. Today, the founder announced that he is finally letting go of control of the company, saying “I can now visualize it doing great things for generations without me. That’s as good as it gets.”
Dalio made the announcement on Twitter early Tuesday morning. In terms of succession, the company will now be led by co-CIOs Bob Prince and Greg Jensen on the investment side, and co-CEOs Nir Bar Dea and Mark Bertolini on the business side.
The founder will relinquish his voting rights and transition into the role of “mentor to the CIOs and Investment Committee, a member of the Operating Board, and as a senior investor, which he plans to do for the rest of his life,” according to his updated profile on the company website.
Reporter Erik Schatzker discussed the news live on Bloomberg early on Tuesday, focusing on the company’s succession. According to Schatzker, the biggest change in the transition is that Dalio would no longer have the final word. The founder previously held 95% of the company’s voting rights, rendering all its big decisions subject to his approval.
Bar Dea and Jansen also told Schatzker that “the firm is likely to invest more heavily and more aggressively in talent acquisition and also in technology.”
Information for this briefing was found via Twitter and Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
