Billionaire investor Ray Dalio has finally relinquished control of the world's largest hedge fund.
On Sept. 30, Dalio transferred all of his voting rights to the board of directors and stepped down from his role as one of three co-chief investment officers at Bridgewater.
"Ray no longer has the final word. That’s a big change," Bridgewater co-CEO Nir Bar Dea reportedly said.
Dalio first initiated a transition plan in 2010, but he had trouble finding the right successors. Now that Dalio has found the right people to lead the company into the future, giving up control made the plans final and irreversible.
"This was the natural progression of events; as soon as we were ready, we went ahead," Dalio said.
Dalio graduated with a BS in finance from C.W. Post College in 1971 and received an MBA degree from Harvard Business School in 1973 before founding Bridgewater Associates out of his two-bedroom apartment in New York City.
He built Bridgewater into the largest hedge fund in the world and the fifth most important private company in the United States, according to Fortune.
The billionaire hedge fund manager will retain his seat on Bridgewater's board under the title, "founder and CIO mentor."
Photo: TechCrunch from Flickr.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.