US - Bridgewater Associates has restructured top management with the appointment of Hope Woodhouse, following the surprise defection of CEO Britt Harris after a matter of months earlier this year.
Woodhouse was previously COO of George Soros’s outfit, Soros Fund Management. Prior to that she was treasurer at Tiger Management and managing director at Solomon Brothers.
Ray Dalio, founder, president and CIO, Bridgewater, said of Harris’ sudden departure: “We have a very strong type of culture, and it’s not for everyone.” He added that he was still looking to fill the vacant CEO position, but said that he would prefer to put the candidate in another senior management role before taking up the CEO post.
Giselle Wagner, the current COO, will split the role with Woodhouse, but also take on responsibilities for overseeing client service and marketing. Woodhouse will serve as a member of the management committee.Bridgewater has grown its assets from $37.5bn at year-end 2002 to $140bn, as of October this year.
Although Bridgewater has faced criticism over the nature of its decision-making process, which is still quite centralised, a US pension fund client said: “I have complete faith in the ability of the firm to divide responsibilities fairly and effectively.”
This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.
In this week's Pensions Buzz, we want to know if you think Guy Opperman will stay in post as pensions and financial inclusion minister under the new prime minister.
The City and County of Swansea Local Government Pension Scheme (LGPS) will swap around a quarter of its assets to a low-carbon fund by the end of the month, it has announced.