David.
Patrick McMullan is pictured via a photo.
The CEO of the world's largest hedge fund stepped down as he considered a Senate run and two new bosses were named.
Mark Bertolini, co-chair of the operating board of directors, and Nir Bar Dea, who had been deputy CEO, were named co-CEOs.
"We are getting a powerful combination of a well-respected internal leader who has worked closely with Dave, management, and the CIOs for six years, and Mark, who has enormous experience and is a globally respected and proven CEO," he said.
Many were expecting the new leadership because of the public ambition of McCormick to run for the open US Senate seat in his home state of Pennsylvania. The 56-year-old Republican has never run for public office before.
Bar Dea climbed his way up through various positions until he was named deputy CEO in February 2021. The fund's research, portfolio construction, and trading departments were fully integrated by Bar Dea. He received his bachelor's degree in finance from the Interdisciplinary Center atIDC Herzliya and his master's degree in business administration from Wharton.
Bertolini joined the board as an independent director. He was the chair and CEO of the health care firm for almost a decade. Bertolini stepped down in November of last year after the acquisition of Aetna by CVS Health. He received his bachelor's degree from Wayne State University and his master's degree from Cornell University.
It is not known how the two will get Bridgewater to perform better. Its flagship Pure Alpha macro fund gained 8.14% in 2021, lagging behind the S&P 500's 27% jump last year.
The world's largest hedge fund, founded by Ray Dalio in 1975, has $150 billion in assets. In recent years, the veteran investor has taken a less active role, appointing his first co-CEO in 2011. The co-chairman and co-chief investment officer is Dalio.
Business Insider has an original article.
