Bridgewater CEO stepping down
McCormack considering run for Senate
WESTPORT — Bridgewater Associates, the world’s largest hedge fund, announced Monday two new co-chief executives to succeed CEO David McCormick who has stepped down to consider a run for the U.S. Senate in his home state of Pennsylvania.
Nir Bar Dea, 40, who previously served as Bridgewater’s deputy CEO, and Mark Bertolini, 65, the former CEO and chairman of Hartford-based health insurance giant Aetna and the former co-chairman of Bridgewater’s operating board of directors, are the new co-CEOs.
The announcement was expected given that McCormick, 56, had already declared his interest in possibly running for the Senate seat now held by GOP incumbent Pat Toomey, who will retire when his second term ends next year. McCormick would join a competitive field of Republican candidates, with other contenders for the party’s nomination including surgeon and TV personality Dr. Mehmet Oz.
“We all recognize that Dave is a hero on a hero’s journey — he always has been from his stint at West Point and in the military, then his time in the White House and the U.S. Treasury, then through his business career and, most importantly for us, at Bridgewater over the last 12 years, with nearly five of those years as CEO,” Bridgewater founder and
co-chief investment officer Ray Dalio, co-CIOs Bob Prince and Greg Jepsen and operating board chairman Mike McGavick said in a note to employees Monday that was posted on the company’s website.
“During his time at Bridgewater, our lives and missions were intertwined and aligned. He imbued Bridgewater and Bridgewater imbued him. While we will miss him, we are also joyous for his opportunity to pursue his hero's journey in service to our country, and we are especially grateful for the gifts he left us.”
McCormick had served as CEO since 2020, following spells as co-CEO from 2017 to 2020 and president from 2009 to 2017. He joined Bridgewater in 2009 following a stint as undersecretary of the treasury for international affairs at the Department of Treasury during the administration of President George W. Bush. He is also a West Point graduate and Gulf War veteran.
“Besides leading the company effectively, David accomplished a great management transition during his term. It is not easy to transition from a founderled organization with a strong leader and strong culture while having one’s own strong visions and building them out,” Dalio, Prince, Jepsen and McGavick added in their note. “This is especially true
during challenging times such as the last two years of the COVID pandemic. David accomplished this by skillfully pulling together those who have been at Bridgewater for many years, integrating talented new people and orchestrating them to work well together.”
Bertolini is best known for his time as Aetna’s CEO, a role he held from 2010 to 2018. In November 2018, he stepped down as Aetna’s CEO and chairman when CVS Health completed its $69 billion acquisition of Aetna.
He serves as a director of Verizon Communications, Massachusetts Mutual Life
Insurance Co., Thrive Global and the FIDELCO Guide Dog Foundation.
Bar Dea had served as deputy CEO since last February, a role in which he partnered with McCormick in managing the firm. Bar Dea, who joined Bridgewater in 2015, previously ran a multinational real estate investment operation and founded a dronetechnology startup. Originally from outside Tel Aviv, he is a retired major and a platoon leader in the Israeli Defense Forces.
Bridgewater ranks No. 1 among hedge funds in the amount of assets under management. It manages about $150 billion in assets
for institutional investors, including public and corporate pension funds, university endowments, charitable foundations, “supranational agencies,” foreign governments and central banks.
As of the middle of last week, the firm’s Pure Alpha fund was up 8.1 percent year-to-date, net of fees, while its All Weather fund was up 10.9 percent during the same period. Since its launch in 1991, Pure Alpha has recorded an annualized return of 10.3 percent, while All Weather has posted a 7.9 percent return since 1996.
Through Connecticut’s First Five Plus corporate-incentives program, Bridgewater has qualified for up to $52 million in subsidies related to hitting targets for creating and retaining jobs. It received a $17 million loan, of which it has so far earned about $10.8 million in forgiveness. It has earned $12 million of up to $30 million in tax credits. In addition, it received $5 million in grants.
Bridgewater, which is headquartered at 1 Glendinning Place in Westport, employs a total of about 1,500 people, according to its LinkedIn page.