The top two executives at the world’s largest hedge fund have called for votes on each other’s conduct.
The Wall Street Journal’s Rob Copeland and Bradley Hope have published a huge story about an internal dispute at $160 billion Bridgewater Associates. That fight involves company founder Ray Dalio and co-CEO Greg Jensen.
According to the report, the two men are having a dozen top employees and stakeholders vote on the dispute.
Dalio, who founded Bridgewater in 1975, is questioning whether Jensen has “integrity”, the report says.
Jensen, who joined the hedge fund 20 years ago and serves as CIO and co-CEO, is questioning if Dalio has fulfilled his succession plan which was set forth in 2011.
When new employees join Bridgewater they are required to read Dalio’s “Principles,” a 123-page manifesto.
Much of Dalio’s manifesto focuses on being completely truthful and transparent.
An example includes, “never say anything about a person you wouldn’t say to them directly, and don’t try people without accusing them to their face.”
Another principle reads: “Have integrity and demand it from others. A) Never say anything about a person you wouldn’t say to them directly, and don’t try people without accusing them to their face. B) Don’t let ‘loyalty’ stand in the way of truth and openness.”