The Big Take
Nir Bar Dea’s attempts to revamp the hedge fund over the past 18 months have had mixed results, underscoring how tough it is for any firm to evolve beyond its founder
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When Ray Dalio finally gave up the reins of Bridgewater Associates 18 months ago, he ceded control of the world’s biggest hedge fund to a younger generation. He also left behind a firm confronting restless investors after years of lackluster returns.
Chief Executive Officer Nir Bar Dea needed to revive a flagship hedge fund that was once the industry’s most profitable but has since lagged rivals. That meant shrinking the fund, cutting costs, firing longtime veterans, promoting other employees and revamping a culture that — depending on who was describing it — was either the firm’s great strength or a glaring weakness.
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