Leading woman at world's largest hedge fund steps down
Eileen Murray joined Bridgewater after executive stints at Morgan Stanley and Credit Suisse, where she was the first female appointed to the company’s executive board
One of Wall Street's most powerful female forces is leaving billionaire Ray Dalio's Bridgewater Associates after a decade with the global hedge fund, officials announced.
Eileen Murray is leaving her post as co-CEO is the world’s largest hedge fund manager “to purse the next chapter in her career,” according to a press release announcing her departure. She’ll be stepping down at the end of March, at the completion of 2020's first quarter.
"It is a remarkable thing when a founder who built a company over a number of decades can successfully transition the company to the next generation," said Dalio, who is also Bridgewater’s co-chief investment officer and co-chairman. "Eileen Murray was key to that. Now that we have made that transition, Eileen wants to move on to something new and to make room for others … I expect that she will always be a close friend."
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Murray joined the Ray Dalio-founded firm in 2008 – which currently manages roughly $160 billion – after executive stints at Morgan Stanley and Credit Suisse, where she was the first woman appointed to the company’s executive board.
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Murray had quite the rags-to-riches story from growing up in a large working-class family to smashing ceilings on Wall Street to become a titan of the financial industry. The Manhattan College graduate once famously pushed back against her Ivy League colleagues who gave her a hard time about her alma mater, according to an account from the New York Post.
“Harvard? Never heard of it.”
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In 2014, she was named CEO of Bridgewater. David McCormick was named co-CEO in 2017. He will take on the sole chief executive role when Murray departs.
In May, the Wall Street Journal cited "people familiar" in reporting that Murray had been mulling a departure around the time she was contacted by Wells Fargo about stepping in as the bank's CEO.