Ray Dalio relinquishes control of Bridgewater and steps down as co-CIO in succession endgame

• Billionaire Ray Dalio relinquished his Bridgewater voting rights on September 30 and stepped down as one of three co-CIOs.
• He will retain a minority stake, keep a seat on the board, and take on the title of founder and CIO mentor.

Ray Dalio has finally given up control of Bridgewater Associates, bringing to fruition succession plans that were 12 years in the making.

In an interview with Bloomberg, co-CEO Nir Bar Dea revealed that Dalio relinquished his voting rights on September 30 and stepped down as one of three co-chief investment officers. He will retain a minority stake, keep a seat on the board, and take on the title of founder and CIO mentor, continuing to advise the remaining co-CIOs Bob Prince and Greg Jensen.

"Ray no longer has the final word," Bar Dea said.

Dalio first initiated plans to step away from Bridgewater — which is the world's largest hedge fund — as far back as 2010, but had difficulty finding successors he was comfortable with. He thought transitioning away would take two years.

But in the decade that followed his initial succession roadmap, seven different people took turns in the role of sole or co-CEO.

In recent years, Dalio took key steps toward his goal, stepping down from the CEO role in 2017 and the chairman role at the end of 2021.

Dalio began his career as a commodities trader and broker before founding Bridgewater in New York City in 1975.

Now 73, he is leaving Bridgewater's $150 billion in assets under management to a new generation of officers ready to add to his legacy.

"I didn't want to hold on until I died," he told Bloomberg.