Founder of Bridgewater Associates: Ray Dalio takes on CIO role in his own family office

Ray Dalio stepped down as CEO of Bridgewater Associates after lengthy negotiations. However, he isn't retiring. The hedge fund legend is now responsible for the investments of his family office, which operates from Westport, Connecticut.

"I want to make sure my family office is truly strong. I'm the one in charge, at least for now," Dalio said in a statement. He is now Chief Investment Officer, following the surprise departure of former Wall Street executive Mark Baumgartner, who held that position, last year.

"I'm still passionate about investing," said Dalio, whose net worth is around $16 billion according to the Bloomberg Billionaires Index. The family office also recently posted a job opening for investment associates in a "small" global macro team. They will work with the US billionaire to implement strategies from his time at Bridgewater. His announcement ends speculation about whether he would hire another CIO for his family office.

Baumgartner, who now works for the University of Florida , replaced Bruce Zimmerman after Zimmerman spent about four years overseeing investments at the Dalio family office. Zimmerman now manages the fortune of Maria Asuncion Aramburuzabala, heiress to the Corona beer empire and one of Mexico's wealthiest women, according to Bloomberg.

Dalio sold his remaining stake in the hedge fund this year and left its board. He first announced his succession plan more than a decade ago but didn't fully hand over the reins until 2022 , when he transferred his voting rights to the board and stepped down as one of three co-chief investment officers.

Under the leadership of long-time CEO Janine Racanelli, Dalio's family office opened an office in Abu Dhabi in recent years. It is also seeking employees for its offices in the US and Singapore, specializing in investments, tax planning, and finance.

The purpose of the family office is to support Ray Dalio, his wife Barbara, and their family in their investments and philanthropic work through Dalio Philanthropies, including Ocean X, Dalio Education, Endless Network, and the Beijing Dalio Foundation.