Bridgewater Associates, the largest hedge fund fund in the world, has elected two senior officials to replace David McCormick, who is stepping down ahead of a U.S. Senate election.
The hedge fund, which manages about $ 150bn of assets, said it was encouraging Nir Bar Dea, 40, a former deputy CEO, to share the top job with Mark Bertolini, chairman of the Bridgewater board of trustees and former. chief of health.
“David has made the decision to leave Bridgewater to consider running for office in the open Senate seat in Pennsylvania,” Bridgewater said in a statement Monday signed by Ray Dalio, billionaire founder, and other managers.
“Through this Co-CEO’s example, we find a strong team of Nir, a highly respected internal leader… And Mark, the most knowledgeable and the most respected CEO in the world.”
McCormick, a former US Treasury chief financial officer under George W Bush, joined Bridgewater in 2009, becoming co-CEO in 2017 and the only senior official last year.
He plans to run for Republican seat in the Senate seat in Pennsylvania, which has been replaced by Pat Toomey. This year’s mid-term election race could be crucial in realizing the amount of power in the Senate, which is currently equally divided between Democrats and Republicans.
In the run-up to the Republican presidency, McCormick would fight against Mehmet Oz, a well-known television doctor known as “Dr Oz”, who is a rival leader in his party.
But with McCormick I hope so that Republicans in the state would prefer a well-known, business-minded man in the mold of Glenn Youngkin, a former Carlyle statesman who won the Virginia Governor’s race as a Republican in November.
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