Bridgewater completes historic handover! Dalio exits all positions.

Informed sources revealed that Ray Dalio, the founder of the world's largest hedge fund Bridgewater Associates, has sold off all of his remaining shares in the fund and stepped down from the board, marking the end of a leadership transition that has lasted for more than a decade. Bridgewater repurchased Dalio's remaining shares. The source also stated that the sovereign wealth fund Brunei Investment Agency has acquired nearly 20% stake in Bridgewater through an investment, converting its original investment in a Bridgewater fund to a direct ownership in the company. Dalio's departure from this macro hedge fund was a tumultuous process. He announced a succession plan over a decade ago, but it was not until 2022 that he truly handed over power: that year, he transferred his voting rights to the board, stepped down from his position as co-CEO (Bridgewater previously had three co-CEOs), and retained only a seat on the board. Bruno Schneller, Managing Partner of Zurich-based Erlen Capital Management, stated that Dalio's exit, given his influence, is a "key" moment for the industry, and the new investment from Brunei Fund could change the dynamics of the company. Schneller, who invests in hedge funds, said: "Brunei Investment Agency's nearly 20% stake brings new vitality, potentially strengthening Bridgewater's financial support, but it may also change its ownership structure towards external institutional influence." At 75 years old, Dalio founded Bridgewater in 1975, advocating for a philosophy of "radical transparency". Current CEO Nir Bar Dea has been reforming the company culture in recent years, including abolishing the employee "baseball card" system of evaluating strengths and weaknesses. Bridgewater also implemented a cap on the flagship fund, Pure Alpha, to improve its performance which has been sluggish for several years - the fund rose 11.3% in 2024 and 17% in the first half of this year. "Many people ask me how I feel about passing on Bridgewater after founding and running it for 50 years," Dalio wrote in a blog post on Thursday, "I am incredibly excited."