Dalio finally stepped down!
On October 4th local time, the world's largest hedge fund Bridgewater Fund announced on its official website that the company's management transition has been completed and control has been transferred from Ray Dalio to the operational board of directors.
Bridgewater Fund stated that Dalio will serve as chief investment officer mentor and member of the operation board of directors in the future. It is reported that the company established an operating board of directors in December 2021, consisting of the company's co-chief investment officer, external directors, employee directors and CEOs.
According to Bloomberg data, Bridgewater’s flagship Pure Alpha strategy has risen 34.6% this year as of September 30, while the all-weather strategy aimed at providing more stable returns has fallen 27.2%. After Bridgewater Fund established a Chinese company in June 2018, its managed funds have exceeded 10 billion yuan in more than four years.
Dalio gave up control and handed over to the board of directors
Bridgewater Fund was founded by Ray Dalio in 1975 from his two-bedroom apartment and developed it into today's world's largest hedge fund in 47 years. Its global management scale is currently around 1 trillion yuan.
Bridgewater Associates won the championship again in the "List of the Top Ten Hedge Funds in the World in 2022" recently released by the investment magazine "Pension Investments" website.
For more than a few years, Dalio has served as CEO, CIO and Chairman of Bridgewater, shaping the company's innovative investment approach and its unique culture. The outside world believes that the biggest reason for the success of Bridgewater is that it relies on the system rather than a certain fund manager.
Currently, Bridgewater’s main funds include Pure Alpha, The All Weather Fund, etc. According to Bloomberg data, Bridgewater’s flagship Pure Alpha strategy has risen 34.6% this year as of September 30, while the all-weather strategy aimed at providing more stable returns has fallen 27.2%.
Dalio is different from most other hedge funds for the company's heritage. He hopes to hand over the company to a younger generation of leaders who have their own ideas about investment. As early as 2010, he launched the handover plan, and at the time he believed that it would only take two years at the earliest. But the search for a successor was not smooth.
Dalio resigned as CEO in 2017, stepped down as chairman at the end of 2021, and transformed his role as Chief Investment Officer (CIO) to focus on guiding the Investment Committee to oversee and develop Bridgewater’s investment strategy in the summer of 2020. In December 2021, Bridgewater Fund announced the establishment of an operating board of directors. In January 2022, the board selected Nir Bar Dea and Mark Bertolini as co-CEOs. In February 2022, this control change was officially launched and announced to the public on October 4.
"This important milestone is the culmination of a decade of journey, strengthening Bridgewater's transformation from a founder-led company to a lasting organization owned and controlled by employees." Bridgewater said in a press release, "This is an important moment for Bridgewater, especially for Dalio, marking the beginning of a new relationship between the founder of Bridgewater and the company he has led for so long." Bridgewater said Dalio will serve as chief investment officer mentor, operating board member and senior investor in the future.
Bridgewater has been deployed in the Chinese market, and its management scale has exceeded 10 billion in four years. In recent years, Bridgewater has been deployed in the Chinese market. On March 7, 2016, Qiaoshui (China) Investment Management Co., Ltd. was registered and established with the Shanghai Free Trade Zone Market Supervision and Administration Bureau.
On June 29, 2018, Bridgewater China completed the registration of in China Securities Investment Fund Industry Association. The institution type is the manager of wholly foreign-owned private equity securities investment fund (WOFE PFM), becoming a foreign-funded private equity firm that officially entered the Chinese market. Subsequently, Bridgewater China also obtained the investment advisory qualification in 2019. In 2020, Bridgewater China joined the interbank bond market (CIBM), and became the first foreign private equity firm to trade interest rate swap (IRS) in 2021.
According to the information on the China Fund Industry Association website, Bridgewater China currently has 36 full-time employees, and the general manager is Joanna Sun Alpert (Sun Yue).Currently, Bridgewater China has a management scale of more than 10 billion yuan, and it has three private equity funds products, including "Bridgewater All-weather Enhanced China Private Equity Securities Investment Fund No. 1" filed in October 2018, "Bridgewater All-weather Enhanced China Private Equity Securities Investment Fund No. 2" filed in September 2020, and "Bridgewater All-weather Enhanced China Private Equity Securities Investment Fund No. 3" filed in December 2021.
Private Equity Ranking Network data shows that Bridgewater (China) Investment Management Co., Ltd. has a cumulative income of 2.60%, and an annualized income of 0.66%. On this website, 55 funds including China Resources Trust-Creative Selection and Trust No. 1, a subsidiary of Bridgewater China, were included, and the performance of 36 of them were disclosed. Judging from the cumulative returns, most of the funds under Qiaoshui disclosed have stable performance. 31 of the 36 funds have positive performance since their establishment, and only 5 have slightly declined since their establishment.
In addition, according to the latest statistics of its China All-weather Fund recently disclosed by Bridgewater Fund, as of September 23, the China All-weather Fund "Bridgewater All Weather China Ltd" issued overseas has a total sales value of US$2.727 billion, equivalent to RMB 19.683 billion.
Editor: Li Xuefeng
Proofreading: Su Huanwen
