Westport’s Bridgewater Associates, the world’s largest hedge fund, is about to change into a new partnership model, The New York Times said today.
The Bridgewater Associates Glendinning Place complex. (CLICK TO ENLARGE) Bridgewater Associates photo
It has long been tightly controlled by its founder, Ray Dalio, and his top two lieutenants.
The new partnership model, which was announced to employees and clients on Thursday, is the latest step in a plan for Dalio, 68, to play less of a day-to-day role managing the company over the next decade, the Times said.
“This will both broaden the ownership across the firm and help us remain employee controlled for generations to come,” Bridgewater’s co-chief executives, David McCormick and Eileen Murray, wrote in a letter to clients.
The partnership model is meant to create what Bridgewater executives have described as a “continuously improving perpetual motion machine,” able to keep operating long after Dalio leaves, the Times said.
That day is far off. Dalio has said he intends to remain co-chief investment officer for as long as possible, though he has sought to cut back on managing the company’s operations, according to the Times.
Bridgewater is Westport’s largest private employer.
