Bridgewater Associates said on Tuesday Ray Dalio had stepped down as one of the hedge fund's co-chief investment officers, as he looks to play a smaller role at the company that he helped create nearly five decades ago.
Dalio — who built Bridgewater into the world's biggest hedge fund, with $150 billion of assets under management — has sold off his majority stake but remains a "meaningful" owner, the company said.
The billionaire stepped down as Bridgewater's chief executive officer in 2017 and chairman at the end of 2021, following which the prolific hedge fund manager served in his current role focusing on mentoring the committee that has oversight over the firm's investment strategies.
Dalio, who founded Bridgewater in 1975, will now hold a position as member of the operating board, senior investor and as a mentor to the firm's CIOs.
A self-proclaimed sinophile, Dalio also enjoys huge popularity in China, where his company became the No. 1 foreign hedge fund house last year, even as Washington and Beijing were in the midst of a harsh auditing dispute.
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