Ray Dalio, founding father of the world’s largest hedge fund, is to be paid billions of {dollars} by way of an exit bundle he secured upon retiring from Bridgewater Associates final 12 months, in response to a report by the New York Times on Monday.
Dalio gave up management of Bridgewater in October, handing over the reins to Nir Bar Dea and Mark T. Bertolini as co-chief executives, however saved his seat on the agency’s board.
During inside discussions, Dalio, who’s price round $19 billion, agreed to step down if he obtained common payouts by means of a particular class of inventory -– informally named “Ray’s shares” -– price billions of {dollars}, the report mentioned.
The settlement stemmed from some heated discussions between Dalio and executives, the place he allegedly described the hedge fund as his “property rights” and needed compensation for it, in response to plenty of unnamed present and former Bridgewater staff.
Dalio based Bridgewater Associates from his Manhattan flat in 1975 and has since grown the hedge fund to handle $150 billion in belongings at present.
Bridgewater’s Pure Alpha fund delivered constructive returns for the primary three quarters of 2022, however then erased most of its positive aspects within the fourth quarter, falling 13% and dragging its year-to-date acquire as of December down to six%.
Dalio didn’t reply to the New York Times’ request for remark.
Source web site: www.marketwatch.com
