Bridgewater Associates, the world's largest hedge fund, is reportedly giving more control to its top executives, the latest move as billionaire founder Ray Dalio takes a lesser role managing the $150 billion firm's day-to-day operations.
“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 Thursday letter to clients that was reviewed by The New York Times.
Last year, Dalio announced he would step down from managing the firm, Business Insider reported at the time. At the time, Dalio said that he expected "to remain a professional investor at Bridgewater until I die or until those running Bridgewater don't want me anymore," according to a client note from the time.
Representatives for Bridgewater didn't immediately provide comment on the latest change.
You can read the full Times report here.