Ray Dalio, the founder of Bridgewater, the world's largest hedge fund, has relinquished control.

　　On October 4, local time, Bridgewater announced that control of the company has been transferred from Dalio to the operating board.

　　Bloomberg reports that Dalio transferred all voting rights to the board on September 30 and resigned as one of Bridgewater’s three co-chief investment officers.

　　"Dalio no longer has the final say. It's a big change," Bridgewater co-CEO Nir Bar Dea said in an interview.

　　Dalio differs from most other hedge funds when it comes to corporate heritage, hoping to hand over the company to a younger generation of leaders who have their own way of investing.

Dalio founded Bridgewater in 1975, but he launched a transition plan as early as 2010, which he thought could take as little as two years, though Dalio was unconvinced in his search for a successor. not easy.

　　Dalio stepped down as CEO in 2017, stepped down as chairman at the end of 2021, and in the summer of 2020 transitioned his chief investment officer (CIO) role to focus on directing the investment committee responsible for overseeing and developing Bridgewater's investment strategy .

In December 2021, Bridgewater announced the establishment of an operating board.

In January 2022, the board selected Nir Bar Dea and Mark Bertolini as co-CEOs.

In February 2022, this change of control was officially launched and announced to be completed on October 4.

　　"This important milestone is the culmination of a ten-year journey that underpins Bridgewater's transformation from a founder-led firm to an enduring institution owned and controlled by its employees," Bridgewater said in a press release. It's an important moment for Dalio, especially for Dalio, and marks the beginning of a new relationship between the founder of Bridgewater and the company he has led for so long."

　　Bridgewater Fund stated that Dalio will serve as a mentor to the chief investment officer, a member of the operating board of directors and a senior investor in the future.

　　Bloomberg believes that the timing of the handover is very favorable for Bridgewater.

Bridgewater has been offering some better returns on its investments after misreading the market in the early months of the COVID-19 pandemic.

Bridgewater's flagship Pure Alpha strategy has gained 34.6% this year through Sept. 30, while the All Weather strategy, which aims to provide more stable returns, has fallen 27.2%.