Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7387
    +0.0014 (+0.19%)
     
  • CRUDE OIL

    83.11
    +1.76 (+2.16%)
     
  • Bitcoin CAD

    95,869.27
    +2,019.55 (+2.15%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,254.80
    +42.10 (+1.90%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ futures

    18,465.00
    -38.75 (-0.21%)
     
  • VOLATILITY

    13.01
    +0.23 (+1.80%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6843
    +0.0038 (+0.56%)
     

Leaders at Bridgewater Associates in apparent feud: WSJ

Ray Dalio, Chairman and Chief Investment Officer of Bridgewater Associates gestures at the Ending the Experiment event in the Swiss mountain resort of Davos in this January 22, 2015 file photo. REUTERS/Ruben Sprich (Reuters)

NEW YORK (Reuters) - Two top executives at Bridgewater Associates LP, the world's largest hedge fund, want a dozen senior employees and stakeholders to vote on their character to help resolve an apparent dispute between them, the Wall Street Journal reported on Friday. Citing people familiar with the matter, it said Bridgewater founder Ray Dalio and his presumed heir apparent, Greg Jensen, were asking the firm's management and stakeholders to take a stand in the vote about each other's conduct. Dalio, who founded Bridgewater in 1975, is specifically questioning whether or not Jensen has "integrity" - defined in a 123-page treatise written by Dalio as never saying something about a person that you wouldn't tell the person directly. Bridgewater is run according to Dalio's management style of encouraging a culture of "radical truth and radical transparency." "Bridgewater has a unique culture, and one of the most successful long-term track records in the history of investing. I suspect those two observations are probably connected," said Michael Rosen, Chief Investment Officer of Angeles Investment Advisors, whose clients include those with money in Bridgewater funds. Bridgewater encourages employees to air disputes publicly and then try to resolve them, a process that sometimes results in a vote. Dalio is chairman and co-chief investment officer of Bridgewater, which has $154 billion in assets under management. Jensen, who joined the Westport, Connecticut hedge fund 20 years ago and serves as co-CIO and co-chief executive officer, is questioning if Dalio has fulfilled the succession plan he set forth in 2011. Jensen told the Journal that disagreements between the two executives have been "healthy." "It's the way that they can be resolved that keeps us all here and resulted in the incredible working relationships that have made Bridgewater so successful," Jensen added. "I can't imagine working in any other place." For his part, Dalio said in a written statement to the Journal: "The question here about Greg is whether he said things about me on tape in our meetings that he did not discuss with me before." The votes are expected soon, the Journal said. (Reporting by David Gaffen, Jennifer Ablan and Lawrence Delevingne; Editing by Andrew Hay and Tom Brown)