Bridgewater Associates has appointed Bob Prince, a chief investment officer with four decades of experience at the firm, as the chair of its board of directors. This appointment follows a year of blockbuster returns for the hedge fund in 2023. Prince will succeed Mike McGavick, with Margo Cook remaining on the board as an external director after completing her term as chair last year. Bridgewater Associates is a global investment management firm offering a range of investment strategies to institutional clients. It is known for its research-driven approach and macro investment strategies.
Prince joined Bridgewater in 1986, when it was primarily a research firm under founder Ray Dalio, drawn to its research on investment boom-and-bust cycles. He has since been instrumental in shaping the firm’s investment processes and strategies, including risk parity. Prince expressed enthusiasm for his new role, citing the firm’s mission to understand the world and collaborate with remarkable people. He also acknowledged the smooth transition facilitated by McGavick and the board’s support.
Bridgewater Associates, which managed approximately $92 billion (AUD $138 Billion) in assets as of September, operates several macro funds, including the Pure Alpha fund, the All Weather fund, and funds focused on Asia and China. The Pure Alpha fund generated a 34% return last year, contributing to Bridgewater’s highest profits in its 50-year history. In recent years, the firm has invested in new strategies, such as a $5 billion AI fund and an exchange-traded fund launched with State Street Global Advisors.
The firm has also announced an expansion of its employee ownership initiative, aiming to have over 60% of its staff owning equity this year. Bridgewater, based in Westport, Connecticut, was founded in 1975. Nir Bar Dea took over as CEO in 2022, and Dalio has since exited the firm, selling his remaining stake and stepping down from the board. The leadership team includes co-chief investment officers Karen Karniol-Tambour and Greg Jensen, alongside other top executives.
