达利欧彻底退出桥水基金

Core Viewpoint - Ray Dalio has completely exited his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [1][3]. Group 1: Leadership Transition - The completion of Dalio's exit signifies the end of a succession plan initiated in 2011, which has been described as lengthy and challenging [2][4]. - The transition involved various CEO combinations, with one former CEO even suing the company, highlighting the difficulties faced during this period [5]. - Dalio's full exit is expected to eliminate governance obstacles, allowing the firm to refocus on investment performance [6]. Group 2: Ownership Changes - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the company [7][8]. - This transaction, valued in the billions, positions the Brunei sovereign wealth fund as one of Bridgewater's largest shareholders [8][9]. - Despite the significant stake held by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [10]. Group 3: Performance Metrics - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2].