Bridgewater, the world’s biggest hedge fund, named Nir Bar Dea and Mark Bertolini as co-CEOs after the current CEO, David McCormick, said he was stepping down to run for the US Senate.

Nir Bar Dea is deputy chief executive of Bridgewater while Bertolini is a board member and former CEO of Aetna, one of the US’s largest insurers.  

Dea is a somewhat unknown quantity in the investing world, joining Bridgewater in 2015 after earning an MBA from the Wharton School and serving in the Israeli Defense Forces from 2000 to 2007. He quickly rose through the ranks and was appointed deputy CEO in February 2021 as part of a wider shake-up in leadership.  

Bertolini joined the Ray Dalio-founded firm’s board in 2019.  

Dalio remains one of the firm’s three chief investment officers which combined with the fact that an internal board will take on additional responsibilities, means the investing part of the co-CEOs’ jobs may be, to a great extent, covered.  

Bridgewater’s performance has been sporadic lately. During 2021, the stock market rose 21% while the firm’s main fund, Pure Alpha, returned just 8.17%. Its annualised return over the last decade is 1.6%.