Bridgewater Associates has appointed two co-chief executives to replace David McCormick, who is leaving the world’s largest hedge fund for an expected run for the US Senate.
The firm said it was promoting Nir Bar Dea, previously deputy chief executive, to share the top job with Mark Bertolini, co-chair of Bridgewater’s operating board of directors and a former healthcare executive. At 65, Bertolini is 25 years older than his co-chief executive.
A statement signed by Ray Dalio, the fund’s billionaire founder, said McCormick was leaving to explore a run “for the open Senate seat in his home state of Pennsylvania”.
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