Billionaire investor Ray Dalio is relinquishing control of the firm he founded, Bridgewater Associates — the largest hedge fund in the world with $150 billion in assets under management.
The 73-year-old financier is stepping away from his title as co-Chief Investment Officer, a role in which he has served since 1985, and has ceded his voting rights to the board of directors on Sept. 30 in the final step of the firm’s succession plan.
“This was the natural progression of events; as soon as we were ready, we went ahead,” Dalio said in an interview with Bloomberg. “I didn’t want to hold on until I died.”
Bridgewater Associates did not immediately respond to a request for more information.
This post is breaking. Please check back for updates.
—
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
,,,
