Ray Dalio said he is stepping down from day-to-day management at Bridgewater Associates, the world's largest hedge fund, but will stay on as a co-chief investment officer with two other senior employees, according to a letter published Wednesday on Dalio's LinkedIn page. Dalio said he stepped back into the co-CEO role 10 months ago to help with a management transition, adding that his management role was always meant to be temporary. In his stead, David McCormick will step up to join Eileen Murray as co-CEO. Dalio also announced a slew of other management changes, including that co-CEO Jon Rubenstein would leave Bridgewater after serving as co-CEO with Dalio for the past 10 months because Rubenstein "is not a cultural fit for Bridgewater," Dalio said. Carsten Stendevad, the former CEO of a large Danish pension fund, will join Bridgewater as part of its new senior fellowship program, which will allow outside investing professionals to work at Bridgewater for a year to " to explore what our culture is like and lend their expertise and insights to our organization." Dalio founded Bridgewater in his apartment four decades ago. It now manages $150 billion in assets. His transition out of management will be complete by April 15, Dalio said
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