Bridgewater Names Deputy CEO in Leadership Expansion

Bridgewater Associates chief executive David McCormick has announced a series of changes to the hedge fund firm’s management and operating structure, including the appointment of a new deputy CEO.

The announcement was sent to Bridgewater employees last week andpublished on LinkedInFriday. The personnel changes included the promotion of Nir Bar Dea, co-head of what Bridgewater calls its investment engine, to the newly created role of deputy CEO. Bar Dea was the “key architect of the evolution” in the investment engine over the last five years, McCormick said.

Kevin Brennan, head of investment research analytics, will succeed Bar Dea as co-head of the investment engine, joining Osman Nalbantoglu in that role, according to the announcement.

McCormick also announced the appointment of Gerry Pasciucco, who has spent the last five years as a strategic and financial advisor to Bridgewater, to the newly created role of head of finance and strategy.

Meanwhile, chief operating officer Brian Kreiter will leave the firm “in the coming months” to start his own business, McCormick said.

Both Pasciucco and Bar Dea will serve as part of Bridgewater’s new executive committee, which will replace the existing management company. Other members include chief investment officers Bob Prince and Greg Jensen, chief commercial officer Kyle Delaney, and chief legal officer Tracey Yurko. McCormick expects to announce a seventh member soon, according to the statement.

“我正在不断发展我们以前称为我们的管理委员会，以更好地反映我们的下一代领导人，并将伙伴关系纳入公司的整体面料，”麦考克斯在宣布中表示。“这个小组将帮助我监督并经营公司。”

除了改革管理委员会外，麦考克宣布建立三个合作委员会，他表示将“涵盖对[Bridgewater]成功的所有责任。”这些将包括由Nalbantoglu主持的投资委员会;商业和经营战略委员会，由德国，Karen Karniol-Tambour和Pasciucco主持;以及最初由Bar Dea和Jensen主持的营运委员会。

Bridgewater founder, co-chairman, and co-CIO Ray Dalio will “stay deeply involved in our investment team as both an idea generator and mentor,” and will also serve as the tie-breaking vote on the investment committee, McCormick said.

“Since assuming the CEO role, I have stared hard at our structure and have been iterating on a design with others on the management team that will help us continue to develop as an organization,” McCormick said. “There is much about our processes and systems that is great but there are areas that need to improve and evolve.”

[IIDeep Dive:Bridgewater Is Having a Bad Year. David McCormick Has a Plan.]

McCormick touched on some areas for improvement in a series of interviews with亚博赞助欧冠last summer. The CEO toldIIthat his plans included whittling down the amount of Bridgewater clients — which numbered to around 300 at the time — to focus on “deeper,” custom relationships, while simultaneously developing a “much more robust distribution network that will allow us to access investors that we would not typically serve.”

McCormick’s strategy also included continued investment in client-facing technology, like Bridgewater’s risk budgeting tool, or RBT.

谈到Linkedin的新领导变化，这是新的商业委员会表示，新的商业委员会将为我们业务关键领域的交叉协作以及适当的辩论提供“适当的论坛”。

“While I am committed to making further changes over time, these immediate improvements will help us to continue to address challenges and maximize success, now and into the future,” McCormick said.