Bridgewater, the world’s largest hedge fund, has appointed two co-CEOs to replace David McCormick, who will leave before the expected U.S. Senate election.
The hedge fund, which manages about $150 billion in assets, said it is promoting the 40-year-old former deputy chief executive officer Nir Bar Dea to the highest position with Bridgewater’s co-chairman and former deputy chief executive Mark Bertolini. Health care supervisor.
Bridgewater said in a statement on Monday signed by its billionaire founder Ray Dalio and other managers: “David has decided to leave Bridgewater in order to consider running for his hometown of Pennsylvania. Seats in the public Senate.”
“Through this co-CEO model, we have gained a powerful combination of Nir. Nir is a well-respected internal leader… With Mark, he has extensive experience and is a globally respected and recognized Chief Executive Officer.”
McCormick was a former senior U.S. Treasury official responsible for international economic relations under George W. Bush. He joined Bridgewater in 2009, became co-CEO in 2017, and became the sole CEO last year.
He has been preparing to join the main field of the Republican Party, vacating the Pennsylvania Senate seat for Pat Toumi. Competition in this year’s midterm elections may be crucial to determining the balance of power in the Senate, which is currently divided equally between Democrats and Republicans.
When joining the Republican primary elections, McCormick will confront Mohamed Oz, a TV personality doctor known as “Dr. Oz,” who is the main contender for the Republican Party’s nomination.
But McCormick is hope Republicans in the state will prefer Glenn Youngkin, a more mainstream and business-friendly candidate. Glenn Youngkin is a former Carlyle executive. Won the Republican race for governor of Virginia in November.