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 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].