WSJ: Bridgewater's Dalio, Jensen in Apparent Feud

Feb 5 2016 | 8:32pm ET

By David Gaffen (Reuters) - Two of the top executives at Bridgewater Associates LP, the world's largest hedge fund, want a dozen senior employees and stakeholders to vote on their character to help resolve an apparent dispute between them, the Wall Street Journal reported on Friday.

Citing people familiar with the matter, it said Bridgewater founder Ray Dalio and his presumed heir apparent, Greg Jensen, were asking the firm's management and stakeholders to take a stand in the vote about each other's conduct.

Dalio, who founded Bridgewater in 1975, is specifically questioning whether or not Jensen has "integrity," the Journal said.

It added that the firm encourages employees to air disputes publicly and then try to resolve them, a process that sometimes results in a vote. Dalio is chairman and co-chief investment officer of Bridgewater, which has $154 billion in assets under management.

Jensen, who joined the Westport, Connecticut-based hedge fund 20 years ago and serves as co-CIO and co-chief executive officer, is questioning if Dalio has fulfilled the succession plan he set forth in 2011.

Jensen told the Journal that disagreements between the two executives have been "healthy."

"It's the way that they can be resolved that keeps us all here and resulted in the incredible working relationships that have made Bridgewater so successful," Jensen added. "I can't imagine working in any other place."

For his part, Dalio said in a written statement to the Journal: "The question here about Greg is whether he said things about me on tape in our meetings that he did not discuss with me before."

The votes are expected soon, the Journal said.

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