Ray Dalio has sold his last remaining ownership stake in Bridgewater Associates and stepped down from the hedge fund’s board, according to a letter Chief Executive Officer Nir Bar Dea sent to investors and regulatory filings made public on 31 July. The move ends Dalio’s five-decade run as an owner of the firm he founded in 1975, though he will stay on as a client and informal mentor. Financial terms of the share repurchase were not disclosed. With Dalio’s exit, Brunei’s sovereign wealth fund—the Brunei Investment Agency—now controls almost 20 percent of Bridgewater, people familiar with the firm’s ownership structure said. The transition follows the handover of operational control to a new management team in 2022. Dalio’s departure caps a multi-year governance overhaul at the world’s largest macro hedge fund. Bridgewater said the latest changes complete its succession plan and leave the firm “fully independent” of its founder, who built the Connecticut-based manager into a powerhouse through its flagship Pure Alpha and All Weather strategies.