BofA update shows where active managers are putting money
Investing.com -- Ray Dalio has sold his remaining stake in Bridgewater Associates and stepped down from its board, marking the end of his leadership at the hedge-fund firm he founded, according to a report from the Wall Street Journal.
Bridgewater purchased the final shares from the 75-year-old billionaire founder, as disclosed in a letter to clients last week. Following this transaction, the firm issued new shares to the Brunei Investment Agency in a multibillion-dollar deal that gave the Southeast Asian sovereign-wealth fund nearly a 20% stake in the Connecticut-based company.
The Brunei fund, which had been a longtime investor in Bridgewater, converted its investment from a Bridgewater fund into equity in the firm. It now stands as one of Bridgewater’s largest shareholders, though co-investment chief Bob Prince maintains a larger ownership position.
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