PhotoRay Dalio, the 67-year-old billionaire founder of Bridgewater Associates, is stepping down from the helm of the world’s biggest hedge fund in a management shake-up at the firm. Mr. Dalio also said that Jon Rubinstein, the former Apple executive that Mr. Dalio hired less than a year ago to become co-chief executive, would leave the firm. Bridgewater, which manages around $150 billion in assets, stands out within the secretive hedge fund industry for its culture of radical transparency that Mr. Dalio recently called “unusual.”“Some people absolutely hate it, and some people could never work anywhere else,” Mr. Dalio said at a hedge fund conference in Manhattan in September. Mr. Dalio reacted angrily to the coverage, posting lengthy responses on LinkedIn and calling the stories sensational and misleading. Mr. Rubinstein was brought in last year to take over from Greg Jensen amid reports of a rift between Mr. Dalio and Mr. Jensen.

Source: New York Times March 01, 2017 16:30 UTC