Bridgewater Associates’ new chief executive Nir Bar Dea said he had overhauled the hedge fund after just a year in charge, in a bid to restore the firm’s investment performance and mark a break from founder Ray Dalio.
“Everything has to get rewired,” Bar Dea told the Financial Times. “It’s like taking a brain and a heart out of a human and then planting a new brain and a new heart.”
Bar Dea’s rise to the top of Bridgewater comes at a crucial time for the business. The Connecticut-based firm, founded by Dalio, will be 50 years old next year and has for years dominated the sector as both the largest and best-performing hedge fund in the world.