Bridgewater Associates, the largest hedge fund in the world with more than $150 billion of assets under management, named two new co-chief executives Monday morning after CEO David McCormick resigned to shift his focus to his likely campaign for Pennsylvania’s vacant Senate seat.
Mark Bertolini, former CEO and chairman of health insurance titan Aetna, will become Bridgewater’s co-CEO after previously serving as co-chairman.
Nir Bar Dea, a retired major in the Israeli Defense Forces, will join Bertolini as co-CEO after previously working as Bridgewater’s deputy CEO.
McCormick stepped down in order to “consider running” for Senator and, though he has not officially announced his campaign, an ad paid for by his exploratory committee ran in Pennsylvania last month.
Bridgewater’s billionaire founder Ray Dalio will remain the firm’s co-chairman and co-chief investment officer, according to the release.
Dalio, who started Bridgewater out of his modest apartment in 1975, is worth $20 billion according to Forbes’ most recent estimate, making him the 93rd wealthiest person in the world. He warned of a potential impending decline of the United States in a November interview with Forbes, saying “no empire lasts forever” as financial instability and the possibility of a “civil war” loom, according to Dalio.
McCormick, who was deputy national security advisor for international economic affairs during the Bush Administration, will face a surprising challenger for the GOP nomination: surgeon turned television star Dr. Mehmet Oz. In November, Oz announced his campaign as a “Conservative Republican” for the open Senate seat. Oz has become an increasingly controversial figure amid the pandemic, touting the use of Hydroxychloroquine to treat Covid-19 despite a lack of evidence supporting the drug’s effectiveness against the virus.
Ray Dalio Says America’s Decline Will Upend Lives, Not Just Portfolios (Forbes)
Bridgewater Boosts Board’s Clout for Life After Dalio, McCormick (Bloomberg)
Hedge fund behemoth Bridgewater names new co-chief executives (New York Times)