- Bridgewater Associates announced that co-CEO Eileen Murray will be leaving the company as of the end of Q1 2020
Bridgewater Associates, the largest hedge fund in the world, announced its next phase in its 10-year leadership transition. As of the end of Q1 2020, Bridgewater co-CEO Eileen Murray is going to be leaving the firm to pursue the next phase of her career. And going forward, Bridgewater co-CEO David McCormick is going to serve as CEO.
“It is a remarkable thing when a founder who built a company over a number of decades can successfully transition the company to the next generation,” said Ray Dalio, Founder, Co-CIO and Co-Chairman of Bridgewater. “Eileen Murray was key to that. Now that we have made that transition, Eileen wants to move on to something new and to make room for others. I can’t possibly express how grateful I am to her for helping us get to this point. I expect that she will always be a close friend.”
And when Murray joined Bridgewater, the company was approaching Dalio’s transition out of the CEO job. Murray — along with other key longtime partners Bob Prince (33 years), Greg Jensen (23 years) and David McCormick (10 years) — worked as the team that guided Bridgewater over the last 10 years.
“These last ten years have been an extraordinary journey and I am very proud of all that we have accomplished,” added Murray. “With the firm’s management transition on solid footing, I feel now is a good time for me to leave Bridgewater to pursue other opportunities. I am extremely grateful for the many deep and meaningful relationships I have formed with those around me. Over the past ten years, I have been fortunate to share leadership roles at the firm with Ray, Greg and David. They have each been great partners and friends. The past few years as Co-CEO with David have been especially meaningful as we have been side-by-side working on the firm’s successful transition. He brings a unique blend of strategic and client-focused attributes, with a deep commitment to our people, diversity and inclusion efforts, and to the long-term success of Bridgewater.”
Bridgewater ten years ago, Murray held senior leadership roles at Morgan Stanley and Credit Suisse during her tenure in the financial services industry over two decades, including serving on both firm’s management and executive committees. Plus she was also appointed the first female member of Credit Suisse’s executive board.
Murray had become co-CEO in 2013 and helped lead the firm to become an institution built for the long-term. And during her tenure, Murray visualized and implemented strategic industry-leading innovations and developed a world-class team of professionals as part of the transition.
McCormick had joined Eileen as Co-CEO in 2017. And they developed a strong partnership and the company has continued to grow tremendously under their leadership. Some of their key accomplishments during their co-tenure include continuing to make progress on the firm’s ownership transition and institutionalizing the firm’s culture.
“True partnerships are rare, and I have been incredibly fortunate to have Eileen as a Co-CEO, partner and friend in developing a strong leadership model. Eileen is a visionary and her straight-forward yet caring approach has helped us achieve many key milestones over the last ten years. While we are sad to see her go, we know she will remain a meaningful member of our community for a long time to come,” explained McCormick.
Based in Westport, Connecticut, Bridgewater manages over $160 billion in assets for approximately 300 of the world’s largest and most sophisticated institutional investors, including public and corporate pension funds, university endowments, charitable foundations, supranational agencies, foreign governments and central banks.
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