Bridgewater’s Transition Milestone

The first email below was sent to Bridgewater’s clients on February 15, 2022, referencing the second email which was sent to employees earlier that day.

Subject: Bridgewater's Transition Milestone

Below please find a note we sent earlier to the company today announcing we reached the final step in our transition, which we previewed at the end of the year.

As we’ve done all along, we have updated you on the steps we’ve taken toward completing our multiyear journey to evolve from a founder-led boutique to a lasting, employee-driven institution. Over the years, Ray has transitioned day-to-day management to new leaders, investment oversight to the Investment Committee, and majority ownership of the firm to a broader set of shareholders, while remaining a meaningful owner. In December, we introduced our Operating Board of Directors made up of our co-CIOs, Independent Directors, Employee Directors elected by the Partnership, and CEOs. In January, that Board selected Nir Bar Dea and Mark Bertolini as co-CEOs. We’ve said the next important milestone would be February 14th, our target for finalizing the terms of this transition. As described in more detail in the note below, we are pleased to report that this milestone is complete.

Kind regards,
Kyle Delaney, President and Chief Commercial Officer



We’re very excited to inform you that last night Ray, Bob, Greg, and Mark and I (on behalf of Management) signed the binding legal documents which codify the transition of control of Bridgewater from Ray to the Operating Board of Directors. While we need to complete some regulatory steps and investor notifications in the coming months, this important milestone serves as the culmination of a decade-long journey and solidifies Bridgewater’s transition from a founder-led firm to a lasting employee-owned and controlled institution. This is a big moment for Bridgewater — especially for Ray — and marks the beginning of a new relationship between Bridgewater’s founder and the company he has led for so long. Such a transition is often described as one of the most notorious leadership challenges in business — but through our shared love of and commitment to Bridgewater and to each other, today we mark a fulfillment of that promise and the beginning of a new era for Bridgewater. Ray will still serve as a member of the Operating Board, CIO Mentor, and continue to lead his investment research.

This moment also arrives at an incredibly exciting time for Bridgewater — with performance off to a strong start so far, the recently announced Operating Board of Directors in place, and a successful leadership transition, we believe we are well-positioned to continue to deliver for our clients as we work to have a lasting impact on the industry and on the world. As we often do at times such as these, we wanted to quickly bring the community together (at 4:30pm today) to acknowledge this important milestone and hear from Ray, Bob, Greg, Mark and me. (Calendar invite to follow this notification — come ready to toast!)

With excitement and gratitude,
Nir, Mark, and Mike

Nir Bar Dea & Mark Bertolini, Co-CEOs
Mike McGavick, Chairman, Operating Board of Directors

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