Ray Dalio, the billionaire investor who founded Bridgewater Associates, is 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 that 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.
Dalio said in an interview with Bloomberg that this was a natural progression of events; as soon as we were ready, we went ahead. I didn't want to hold on until I died. Bridgewater Associates didn't respond immediately to a request for more information.