Hedge Funds

Bridgewater's Ray Dalio to step down as Co-CEO on April 15

Ray Dalio stepping down as co-CEO of Bridgewater
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Ray Dalio stepping down as co-CEO of Bridgewater

Hedge fund highflier Ray Dalio is stepping down as Bridgewater Associates co-CEO as part of a company-wide shakeup.

Dalio, 67, said Wednesday he will step down as of April 15 from the role he had taken on 10 months ago. His $150 billion firm has been in a seven-year management and equity transition designed to find his successor.

Along with Dalio's move, Jon Rubinstein, who had been co-CEO with Dalio, is leaving the position though he will stay with the firm as an advisor.

His role entailed being co-CEO and co-chief investment officer, a dual role he said was difficult.

However, the move does not mean Dalio is leaving the firm he founded four decades ago.

"As I love markets, I'm excited about this change and expect to remain a professional investor at Bridgewater until I die or until those running Bridgewater don't want me anymore," Dalio said in a statement posted on LinkedIn.

Ray Dalio
David A. Grogan | CNBC

As the company leader, Dalio helps Bridgewater runs not only the world's largest hedge fund firm but also the two largest funds as well. Its Pure Alpha fund has been a cash cow for clients, generating profits of about 12 percent a year going back to 1991, according to Bloomberg.

The firm's corporate culture is known as bruising though, and Dalio acknowledged as much in the statement, saying Bridgewater operates with "radical truthfulness and radical transparency."

Along with his own transition out of the co-CEO role, Dalio announced a series of other moves.

Most prominently, David McCormick will take over the position Dalio is vacating, and will join Eileen Murray to run the company.

"We are very fortunate to have such a broad and deep team, especially at this time of transition," Dalio said.