Bridgewater Associates plans to adopt a partnership structure that will give some of the investment fund’s top officials more control in running the hedge fund, according to a New York Times report.
The latest reported change at the fund firm founded by investing titan Ray Dalio comes as the organization has been undergoing a management and investing process reshuffling over the past year, according to reports in the Wall Street Journal last fall.
Changes at the outfit also come amid a series of articles that have highlighted an unusual corporate culture, where meetings are recorded, employees are the subject of probes of their strengths and weaknesses and staffers adhere to a 123-page manifesto known as the “Principles” that encourages brutally honest conversations. The 68-year-old Dalio recently published a 567-page book of the same name, that recommends managing one’s life like a business.
According to the New York Times, Dalio will now play less of a day-to-day operational role at the world’s largest hedge fund, which boasts some $160 billion in assets under management.
Dalio, a billionaire according to Forbes, has been vocal about his outlook for the economy and the stock market. However, some of his advice has been ill-timed. Late in January, for example, the investor appeared to advocate that investors get out of cash because the market was headed for a so-called meltup rally. However, days later the Dow Jones Industrial Average DJIA, +0.33% and the S&P 500 index SPX, +0.42% began a selloff that would eventually put the benchmarks in correction territory, defined as a decline of at least 10% from a recent peak.
An email to Bridgewater requesting comment wasn’t immediately returned.
