Management shake-up at Bridgewater as Dalio drops co-CEO role

By By Lawrence Delevingne Features Reuters

Ray Dalio, Founder, Co-Chief Executive Officer and Co-Chief Investment Officer, Bridgewater Associates attends the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, January 18, 2017. REUTERS/Ruben Sprich (Copyright Reuters 2017)

The world's largest hedge fund manager, Bridgewater Associates, is once again changing its leadership structure, according to a note posted on LinkedIn Wednesday.

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Billionaire firm founder Ray Dalio will no longer serve as co-chief executive officer of the Westport, Connecticut-based firm, but will remain co-chief investment officer and co-chairman.

The move comes as Jon Rubinstein, a former technology executive who was hired as co-CEO in May, plans to leave the firm but will remain an advisor.

David McCormick, already Bridgewater's president, will join Eileen Murray as co-CEO.

(Reporting by Lawrence Delevingne; Editing by Chizu Nomiyama)