Bridgewater Associates founder Ray Dalio has sold his remaining stake in the company, capping a years-long leadership transition.
Dalio will also step down from Bridgewater’s board. He retired as CEO in 2017, and as chairman in 2021.
“We wanted to update you that Bridgewater recently repurchased the last remaining ownership shares held by Dalio-related entities,” wrote Bridgewater CEO Nir Bar Dea and co-chair Mike McGavick in a letter to clients.
“I see these vital people [Bar Dea and chief investment officers Bob Prince, Greg Jensen, and Karen Karniol-Tambour] continuing to modernise Bridgewater, guided by both the same highly effective 50-year-old principles that took it from nothing to quite something and new traditions developed by the next generation,” Dalio said on LinkedIn.
Dalio will retain his investments in Bridgewater’s funds, according to the Wall Street Journal.
The Brunei Investment Agency, Brunei’s sovereign wealth fund, has reportedly acquired a stake of almost 20% in Bridgewater following Dalio’s sale. The fund redeemed money from its investment in a Bridgewater vehicle to do so, though it will continue to invest in all of Bridgewater’s strategies.
While Bridgewater’s assets under management declined from US$168 billion at the end of 2019 to $92.1 billion at the end of 2024, its flagship Pure Alpha 18% volatility fund was reportedly up 17% in 2025’s first half.
Pure Alpha’s size was capped in both 2023 and 2024, with the fund restricting inflows and returning some assets to clients. Its smaller size would allow it to better explore trading opportunities, Bar Dea said at the time.
Bridgewater’s Asia Total Return was up 18% in 2025’s first half, per Reuters, and its All Weather fund saw an increase of 8%.
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