Good morning! This is Kaja Whitehouse reporting to you from New York City. The focus of today's newsletter will be roughly 50 miles north in the coastal Connecticut town of Westport, where billionaire hedge-fund founder Ray Dalio has finally ceded control of his hedge fund empire, Bridgewater Associates.
We will also discuss how $4 to match customers with financial advisors, the $4 at asset management giant Blackrock, and the biggest career mistakes of $4
But first, let's take a deeper look at how and why Dalio's parting with the firm he founded 47 years ago.
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1. Ray Dalio took to Twitter on Tuesday to say he's finally handed over the reins of his asset management firm to the "$4." Bridgewater will now be run by Co-CEOs Nir Bar Dea and Mark Bertolini. The firm's investments will be left to Dalio's former Co-CIOs, Bob Prince and Greg Jensen.
$4 has been more than a decade in the making — and has hit some bumps along the way, including a contentious legal battle with his first co-CEO, Eileen Murphy, which was $4. Dalio, 73, appears to be going out on a high note, however. The firm he founded in 1975 now manages over $150 billion in assets for large investors, including pension funds. And its flagship fund is up close to 35% in what has been a rollercoaster year for investors, $4
It's unclear what Dalio will do next, but he is also famous for his management philosophy of "radical transparency." The philosophy, which is outlined in his book "Principles," has made him a best-selling author $4 that it contributed to an atmosphere of "fear and intimidation" at Bridgewater.
In other news:
2. Elon Musk's deal to buy Twitter is back on>$4 — and that's bad for Wall Street. $4 to help Musk raise money by selling roughly billions of dollars to institutional investors in the form of high-yield bonds and leverage loans are now facing a much more challenging market. They stand to be on the hook for hundreds of millions in losses, $4
3. Starting out in any career is tough. That's why we quizzed the 25 financial professionals who made it to Insider's 2022 list of "Wall Street Rising Stars" about their biggest career mistakes. The answers run the gamut, from better networking to embracing change, but many merely said they wish they had asked more questions and $4.
4. Finding a financial advisor can be tedious, and Merrill Lynch knows this. That's why the brokerage firm is taking a page from dating apps in the hope of making the process a little less painful, reports $4
5. Investment giant BlackRock is shuffling management in a move that will put a key advisor to Larry Fink into a client-facing role at a pivotal moment for the company, reports $4
6. The days when your grandmother wanted to invest in crypto may be over, but that doesn't mean retail investors are done with digital assets. Insider's Asia Martin brings you 5 crypto fintechs aimed at helping wealth managers introduce a little $4
7. Dan Och and other founding partners of Sculptor Capital Management have discussed a potential sale of the hedge fund, previously known as Och-Ziff, he $4
8. Business school applications are down, and while there are many factors at play, the skyhigh cost of an MBA is high up on the list, $4
9. The founder of Atomic Vaults, a fintech startup, provides what she calls "a somewhat farcical day in the life of a hedge fund manager." Her LinkedIn profile says she previously worked at Citi and Point72, but she says the account is "loosely based" on $4
10. Finally, if you are interested in becoming a social media influencer à la Kim Kardashian, see here Insider's 6 takeaways from her $1.26 million fine for failing to disclose a the payment she received for a 2021 Instagram post $4
Keep updated with the latest business news throughout your day by checking out $4, a dynamic audio news brief. $4
Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.