- With Bridgewater founder Ray Dalio stepping away, the agency’s new management is making important modifications, Bloomberg stories.
- Management will purpose to spend money on synthetic intelligence and enhance profitability.
- The NYT reported in February that Dalio secretly negotiated to get billions from the agency for retiring with out a struggle.
Bridgewater Associates’ new management is making important modifications as Ray Dalio, its billionaire founder, steps again from duties, in line with a Wednesday Bloomberg report.
The modifications had began on the world’s largest hedge fund even earlier than Dalio ceded management 5 months in the past. The brand new CEO, Nir Bar Dea, who joined Bridgewater in 2015, is aiming to extend returns and profitability with new priorities, together with synthetic intelligence.
“Simply doing what we have been doing is not ok,” Bar Dea informed Bloomberg in an interview. “Evolve or die. That is what’s taking place right here.”
The roughly $138 billion fund is pouring more money and expertise into synthetic intelligence and machine studying, whereas additionally slicing prices in different areas. Over the following two weeks, the corporate will reorganize and get rid of about 100 jobs out of the 1,300-strong workforce.
Bar Dea will work with management to modernize Bridgewater, per the report, and push innovation, which is able to embody constructing a brand new crew beneath co-CIO Greg Jensen that may construct funding instruments powered by AI.
The modifications additionally happen because the broader monetary world sees a growth in nascent applied sciences, like quantum computing and generative AI instruments.
Final month the New York Occasions reported that Bridgewater would pay Ray Dalio billions of {dollars} through particular inventory to get him to retire. Negotiations took six months to choose the ultimate quantity, and discussions have been reportedly heated, with Dalio saying he had “property rights” over the corporate and due to this fact needed compensation for it.
