Historic Handover at Bridgewater! Ray Dalio Steps Down as Chief

A source has revealed that global macro hedge fund pioneer Ray Dalio has sold all his remaining shares in the company and stepped down from the board, marking the end of a decade-long leadership transition.

Bridgewater repurchased Dalio's remaining shares. The same person also stated that the Brunei Investment Agency (BIA) acquired nearly 20% equity stake in Bridgewater through its investment in the fund, which was previously held by BIA in certain funds of the company.

Dalio's departure from this macro hedge fund has been marked by twists and turns. He had announced his succession plan over a decade ago but didn't actually step down until 2022, when he transferred his voting rights to the board and relinquished his role as co-CIO (Bridgewater had previously had three co-chiefs), retaining only a seat on the board.

Bruno Schneller, executive partner at Erlen Capital Management, noted that Dalio's exit is a "key" moment for the industry, and the Brunei fund's new investment may change the dynamics of the company.

Schneller, who manages hedge funds against investments, said: "The BIA's nearly 20% stake brings new vitality to Bridgewater, which could strengthen its financial support but also shift the ownership structure to external institutional influence."

Now 75 years old, Dalio founded Bridgewater in 1975 and has adhered to his "extremely transparent" management philosophy. Current CEO Nir Bar Dea has been reforming the company culture over the past few years, including abolishing the "baseball card" system of employee self-evaluation.

Bridgewater has also set a cap on its flagship fund Pure Alpha to boost performance, which rose 11.3% in 2024 and 17% in the first half of this year.

"Many people have asked me what it feels like after founding and running Bridgewater for 50 years and then passing it down to the next generation," Dalio wrote in his blog post on Thursday, "My emotions are incredibly exciting."