Core Insights - Bridgewater Associates has completed the buyback of founder Ray Dalio's remaining equity, marking the end of an era for the world's largest hedge fund [2] - The Brunei Investment Agency has invested several billion dollars to acquire a 20% stake in Bridgewater, becoming its largest external shareholder [2] - Ray Dalio has stepped down from the board, concluding his nearly 50-year leadership of the firm [2] Company Transition - The succession process for Bridgewater has been a carefully planned transition over more than a decade, with Dalio gradually stepping back from leadership roles since 2011 [2][5] - Dalio's reflections on his journey highlight the growth of Bridgewater from a small team in a two-bedroom apartment to a global powerhouse with around 1,500 employees [2][3] - The firm has developed innovative investment strategies, including the "All Weather" strategy and "Pure Alpha" approach, which have contributed to its success [3][4] Investment Strategy and Performance - Bridgewater has seen fluctuations in its global management scale, peaking at $168 billion in 2019 and dropping to $92.1 billion in 2024, while its flagship fund achieved an 11.3% return in 2024 [4] - The firm has significantly increased its investments in Chinese assets, including a 21-fold increase in Alibaba shares, reflecting a strategic focus on the Chinese market [4][5] Governance and Future Direction - Following the investment from the Brunei sovereign wealth fund, there will be a focus on environmental, social, and governance (ESG) matters, although the fund's daily investment operations will remain unaffected [5] - Dalio will shift his focus to his family office and philanthropic efforts, having donated over $1 billion to various causes [5] - The end of Dalio's era signifies a pivotal shift towards institutionalized operations for Bridgewater, with a continued commitment to the investment principles he established [5]

据《华尔街日报》报道，桥水基金上周在致客户信中写道，桥水基金回购了达利欧所持全部剩余股份。知情人士说，桥水基金随后向文莱投资局增发价值数 十亿美元股份，使文莱主权财富基金持有桥水基金将近20%股份，位列最大股东之一，持股比例低于该基金联席首席投资官鲍勃·普林斯。 路透社援引知情人士的说法报道，普林斯现为桥水基金最大个人合伙人；这一基金由一组员工共同控股。 达利欧现年75岁，50年前创立桥水基金。他在声明中说，今后将以"客户兼导师"的身份继续关注该基金发展。他的资金仍投资于桥水旗下产品。 新华社北京8月1日电 美国媒体7月31日报道，美国桥水基金创始人瑞·达利欧已售出他所持全部剩余桥水基金股份，同时从该基金董事会离职。 2022年5月25日，在瑞士达沃斯，全球最大对冲基金桥水基金创始人瑞·达利欧出席世界经济论坛2022年年会一个分论坛。新华社记者郑焕松摄 按《华尔街日报》说法，桥水基金管理的资产规模近年来减少，但其旗舰产品Pure Alpha基金的业绩有所提升。桥水基金提交的监管文件显示，截至2024年 年底，桥水基金管理921亿美元资产。（卜晓明） ...

Group 1 - Bridgewater Associates has completed a significant ownership transition with the repurchase of all remaining shares held by Ray Dalio, marking the end of a 13-year succession plan initiated in 2011 [1][2] - The new shareholder, Brunei Investment Agency, acquired nearly 20% of Bridgewater's equity, becoming one of the largest shareholders, which may alter the company's governance structure and focus on investment performance [2][3] - Ray Dalio's retirement journey has been complex, with his initial succession plan announced over a decade ago, and he officially transferred control to the board in October 2022, marking a significant moment in the hedge fund industry [3] Group 2 - 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, indicating challenges faced by the firm [3] - Despite the decline in assets, Bridgewater's flagship fund, Pure Alpha, achieved a return of 11.3% in 2024, outperforming the overall hedge fund industry, with a further 17% increase recorded in the first half of 2025 [3]

Core Points - Ray Dalio has officially sold his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of his leadership era at the firm [2][3][12] - The transition of ownership at Bridgewater, which has been in process for over a decade, is now complete, simplifying the company's governance structure and allowing it to refocus on investment performance [3][13] Group 1: Ownership Transition - Dalio's complete exit signifies the conclusion of a 14-year succession plan initiated in 2011, which faced complexities and challenges along the way [8][9] - Bridgewater recently repurchased Dalio's remaining shares and issued new shares to the Brunei Investment Agency, making it a significant shareholder with nearly 20% ownership [14][15] - The firm currently manages assets totaling $92.1 billion, a decline from $168 billion at the end of 2019, partly due to a strategic decision to limit the size of its flagship fund, Pure Alpha [4][6] Group 2: Fund Performance - In 2024, Pure Alpha achieved a return of 11.3%, with further improvement in the first half of 2025, recording a 17% return [7] - The positive performance in the first half of 2025 has contributed to overall gains for the firm's main funds [7] Group 3: Dalio's Future Focus - Following the transfer of control, Dalio is now concentrating on managing his family office, which supports entrepreneurial ventures and philanthropic efforts [18][19] - The family office has expanded its global presence, with new offices in Singapore and Abu Dhabi, focusing on investments and charitable activities [21][20] - Dalio has expressed excitement about the future of Bridgewater without his involvement, indicating confidence in the new leadership [5][26]

Core Viewpoint - Bridgewater Associates has completed a significant ownership transition with the buyback of all remaining shares held by Ray Dalio, leading to the Brunei Investment Agency acquiring nearly 20% of the firm, making it one of the largest shareholders [1][2]. Group 1: Ownership Transition - The buyback of Dalio's shares simplifies Bridgewater's governance structure and allows the firm to refocus on investment performance [2][3]. - The transition marks the completion of a succession plan initiated by Dalio over 13 years ago, which began in 2011 [1][3]. Group 2: Dalio's Background and Impact - Ray Dalio founded Bridgewater in 1975 from a two-bedroom apartment, eventually growing it into the world's largest hedge fund with a team of around 1,500 [2]. - Dalio's influence on the investment industry is significant, and his exit is seen as a pivotal moment, with the new investment from the Brunei fund potentially altering the company's dynamics [3]. Group 3: Financial Performance - Bridgewater's assets under management have decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [3]. - Despite the decline in assets, Bridgewater's flagship Pure Alpha fund achieved an 11.3% return in 2024, outperforming the overall hedge fund industry, with a 17% increase recorded in the first half of 2025 [3].

创始人瑞·达利欧（Ray Dalio）出售了其在桥水联合基金（Bridgewater Associates）的最后剩余股份并退 出董事会。 经过十余年的权力更迭，"达利欧出售最后股份是所有权过渡进程的'理想终点'"。 桥水基金已回购瑞·达利欧持有的剩余股份，并向文莱投资局发行新股，文莱主权财富基金新晋桥水基 金重要股东。 达利欧退出桥水基金 据媒体报道，桥水基金创始人瑞·达利欧已完全出清其在全球最大对冲基金桥水的最后股份并退出董事 会。 瑞·达利欧在一份声明中表示，他期待以"客户和导师"身份见证桥水的未来成功。 【导读】创始人瑞·达利欧出售其在桥水联合基金的最后剩余股份并退出董事会 2021年，桥水基金宣布成立运营董事会，由首席投资官、独立董事、职工代表董事等组成，负责桥水基 金日常运营。运营董事会成立后，管理层签署具有法律效力的文件，将达利欧对公司的控制权转移到运 营董事会。 达利欧出售了其在桥水基金的最后剩余股份，代表他退出董事会。 文莱主权财富基金成为重要股东 桥水基金在致客户的一封信中表示，已经回购了瑞·达利欧的所有剩余股份。达利欧、董事会和员工将 在康涅狄格州和纽约共同庆祝公司成立50周年。 桥水首 ...

Core Viewpoint - Ray Dalio has sold his remaining shares in Bridgewater Associates and exited the board, marking the ideal endpoint of the ownership transition process [3][6][12] Group 1: Ownership Transition - Bridgewater has repurchased Dalio's remaining shares and issued new shares to the Brunei Investment Agency, making it a significant shareholder [4][14] - The Brunei sovereign wealth fund now holds nearly 20% of Bridgewater, becoming one of the largest shareholders [13][14] - Dalio's exit follows a decade-long power transition within Bridgewater, which began in 2010 [10][11] Group 2: Management Changes - In October 2022, Dalio officially resigned from his position as one of the three co-CIOs and transferred all voting rights to the operational board [8] - Following the establishment of the operational board in 2021, Dalio no longer held control over the company but continued to serve as a mentor and board member [9][11] Group 3: Future Outlook - Dalio expressed his anticipation to witness Bridgewater's future success in the role of a "client and mentor" [7]

达利欧从这家宏观对冲基金淡出的过程充满波折。他早在十余年前就宣布继任计划，但直到2022年才真 正交权：当年他将投票权移交董事会，卸任联席首席投资官职务(桥水曾设三位联席CIO)，仅保留董事 席位。 苏黎世 Erlen Capital Management 的执行合伙人Bruno Schneller表示，鉴于达利欧的影响力，他的退出对 行业来说是一个"关键"时刻，而文莱基金的新投资可能会改变该公司的动态。 投资对冲基金的Schneller表示："文莱投资局近 20% 的股份带来了新的活力，有可能增强桥水基金的财 务支持，但也会使其所有权结构转向外部机构影响。" 现年75岁的达利欧1975年创立桥水，奉行所谓"极端透明"的管理哲学。现任首席执行官尼尔·巴迪亚(Nir Bar Dea)近年在改革企业文化，包括取消员工互评优缺点的"棒球卡"制度。 桥水还对旗舰基金Pure Alpha实施规模上限，以提升持续数年低迷的业绩——该基金2024年上涨 11.3%，今年上半年涨幅达17%。 智通财经APP获悉，知情人士透露，全球最大对冲基金桥水公司创始人瑞·达利欧已出售其所持该基金 全部剩余股份，并退出董事会，为这场持续十 ...

【环球网财经综合报道】据业内人士透露，全球最大对冲基金桥水基金（Bridgewater Associates）的创始人达利欧 （Ray Dalio）出售了他在该公司的剩余股份，并退出了公司董事会。 76岁的达利欧早在2017年就辞去了首席执行官职务，2022年又将桥水的控制权交给新一代投资者。达利欧于当地 时间周四在社交媒体上表示，他很高兴能将桥水基金传给下一代。他在一篇博客文章中写道："在过去的50年里， 我一直在打造桥水，有人问我对离开桥水有什么感觉。我很激动。""最重要的是，我对此感到兴奋，因为我喜欢 看到桥水基金在没有我的情况下依然健康地发展，甚至比有我在的时候更好。"且据消息人士称，达利欧也将辞去 桥水董事会的职务。 值得一提的是，达利欧在桥水的"退休之路"充满波折。十多年前，他首次公布接班人计划，但直到2022年10月4日 才将相关控制权移交公司董事会，正式退居二线，不再拥有最终决定权。此后，他以首席投资官导师、运营董事 会成员身份继续为桥水基金效力，直至此次才算真正意义上的退休。（南木） 进一步来讲，桥水基金回购了剩余股份。文莱投资局（Brunei Investment Agency，主权财富基 ...

[Table_Title] 研究报告 Research Report 1 Aug 2025 中国财富管理 China (Overseas) Wealth Management 达利奥正式"交棒"桥水基金，文莱主权基金成主要股东 Ray Dalio Fully Exits Bridgewater, Brunei Investment Agency Becomes Major Shareholder 黄雨昕 Yuxin Huang 周林泓 Amber Zhou yx.huang@htisec.com amber.lh.zhou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 8 月 1 日，桥水基金创始人 Ray Dalio 正式出售其所持最后一笔股份，并退出公司董事会。这不仅为他亲 手创办的全球最大对冲基金的所有权结构画上句号，也标志着桥水十余年来漫长且波折的治理结构转型 顺利收官。 Dalio 自 2011 年启动继任计划以来，逐步淡出公司核心管理 ...