Bonjour! This is Kaja Whitehouse reporting via New York City. The topic of today’s newsletter will be 50 miles to the north in Westport, a coast Connecticut city of Westport which is where billionaire hedge fund creator Ray Dalio has finally ceded the control over his empire of hedge funds, Bridgewater Associates.
We will also talk about the ways in which Merrill Lynch is taking an inspiration out of the dating app to connect customers with financial advisors as well as the most recent succession drama at the asset management company Blackrock and the most costly career errors from these year’s rising stars on Wall Street.
First, let’s look an in-depth look at the process and why Dalio is leaving the company he established almost 47 years ago.
1. Ray Dalio was on Twitter. on Tuesday to say that he’s handed over the reigns of his firm for asset management to the ” next generation .” Bridgewater is now managed by co-CEOs Nir Bar Dea, and Mark Bertolini. The company’s investments will be handed over to Dalio’s former Co-CIOs Bob Prince and Greg Jensen.
The move is longer than 10 years in development — and has encountered some obstacles along the way, which included a tense legal battle with his co-CEO at the time, Eileen Murphy, which was concluded in 2020. Dalio is 73 and is believed to be departing on a high note however. The company he established in 1975 has grown to manage more than $150 billion of assets, which are held by large investors, which includes pension funds. Its flagship fund has risen to nearly 35% in the course of a turbulent season for investment, in the words of Bloomberg.
It’s not clear what Dalio is planning to do next, however, he is known because of his managerial philosophy “radical transparent.” The idea, described within his”Principles, “Principles,” has made Dalio a top-selling author despite claims that it created an atmosphere of “fear and fear” in Bridgewater.
2. Elon Musk’s deal to purchase Twitter has come still in effect and that’s bad news for Wall Street. Banks who have agreed to assist Musk raise funds by selling trillions in dollars of institutional investment in the form high-yielding debt and leverage loans are now in a more difficult market. They could be in the midst of thousands of dollars of expenses, according to Bloomberg.
3. The beginning of any profession isn’t easy. This is why we questioned the financial professionals that were selected for Insider’s list of “Wall Street’s rising stars” about their most significant career mistakes. The responses span the spectrum of better networking to taking on change, but a lot of them simply said they would have liked to were more thorough and relied more on their senior colleagues earlier in the process.
4. Finding a financial advisor be difficult for sure, and Merrill Lynch knows this. That’s why the broker company is taking a cue from dating apps with the aim of making the process more pleasant experience, says insider’s Hayley Cuccinello.
5. The investment giant BlackRock has shuffled its management team in a move to make a key advisor for Larry Fink into a client-facing role in a crucial moment for the business, according to insider’s Rebecca Ungarino.
6. The time when your grandmother was interested in investing in crypto could be not over but this doesn’t mean that consumers are no longer interested in digital assets. Insider’s Asia Martin brings you 5 crypto fintechs that aim to help wealth managers to introduce a touch of excitement with crypto to their clients’ portfolios.
7. Dan Och and other founding partners of Sculptor Capital Management have discussed the possibility of selling the hedge fund, formerly named Och-Ziff. He declared in a regulatory document Tuesday.
8. Applications to business schools are declining There are a variety of factors to consider however, the high costs for an MBA is top of the list as per WSJ.
9. She is the co-founder of Atomic Vaults, a fintech startup, offers what she describes as “a rather absurd daily life as an investment manager at a hedge fund.” Her LinkedIn profile states that she has had previously worked for Citi and Point72 however she claims her profile is “loosely dependent” in what she has experienced from other people.
10. In the end, if you’re seeking to become a media influencer, like Kim Kardashian, check out Insider’s takeaways from Kim Kardashian’s $1.26 million penalty for not being able to reveal a amount she was paid for an 2021 Instagram post that promoted a new cryptocurrency.
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