Bridgewater Associates, the world’s largest hedge fund, has appointed two co-executives to replace David McCormick, who is leaving for the U.S. Senate before an expected run-up.
The hedge fund, which manages some $ 150 billion in assets, said it was promoting Nir Bar Dea, 40, a former deputy chief executive, to share the top job with Mark Bertolini, co-chair of Bridgewater’s industry board and a former healthcare executive.
“David has made the decision to leave Bridgewater to consider running for the open Senate seat in his home state of Pennsylvania,” Bridgewater said in a statement on Monday, signed by billionaire founder Ray Dalio and other executives. is.
“Through this co-CEO model, we get a powerful combination of Nir, a respected internal leader. . . and Mark, who has vast experience and is a globally respected and proven CEO. ”
McCormick, a former senior U.S. Treasury official responsible for international economic relations under George W. Bush, joined Bridgewater in 2009 and became co-CEO in 2017 and sole CEO last year.
He is preparing to join the Republican primary field for the Pennsylvania Senate seat vacated by Pat Toomey. The competition in this year’s midterm elections could be crucial in determining the balance of power in the Senate, which is currently divided equally between Democrats and Republicans.
By joining the Republican primary field, McCormick would face Mehmet Oz, the television-famous doctor known as “Dr. Oz,” who is a leading contender for his party’s nomination.
But McCormick is hope that Republicans in the state would prefer a more mainstream, business-friendly candidate in the form of Glenn Youngkin, the former CEO of Carlyle who won the Virginia governor’s race as a Republican in November.