Luckily, as with their little spat, Bridgewater has elaborate, Principled ways of handling these kinds of things. Like taking a bit off the heir apparent’s plate and giving him some more co-CIO facetime with the founder.
Greg Jensen, 42 years old, has had talks internally about whether to hand off some or all of his responsibilities as co-CEO while remaining co-chief investment officer of the $154 billion firm alongside Mr. Dalio and his longtime partner Bob Prince, a person familiar with the matter said…“This story is getting blown out of proportion,” Mr. Dalio said in a statement Sunday. “As part of my transition process, we are constantly trying to determine the proper mix of responsibilities among our executive team. Greg is now a Co-Chief Executive Officer with Eileen Murray and a Co-Chief Investment Officer with Bob Prince and I. We need to strike the right balance between him managing the investments as a CIO and managing the business as a CEO, and we are figuring out exactly how to do that.”
And about that little spat? You know, the one where Ray Dalio called Greg Jensen something just short of a goddamned liar and Greg Jensen called Ray Dalio a pathetic old man desperate to hold on to control? Sorted and dealt with. Frankly, no one inside Bridgewater can even understand why such a big deal would be made about one of the many, many disagreements among the firm’s top two people, or about Bridgewater’s way of handling such disputes.
Hours after the article was published, Mr. Dalio released a statement saying “this particular dispute has already been resolved via our process.” A spokesman declined to elaborate on the status of the votes. “This story is getting blown out of proportion,” Mr. Jensen said in an email statement. “Ray and I have had (and will have) many disagreements. We have a process for handling them and both of us believe that process is working well.”
Mr. Dalio, echoing a similar sentiment, said: “The article is a sensationalistic mischaracterization of what is going on.”
Bridgewater Heir Apparent in Talks to Give Up Co-CEO Role [WSJ]
Bridgewater succession plan in flux as heir Greg Jensen steps back [FT]
Bridgewater Executives Deny Report of Rift at the Hedge Fund [DealBook]