Bridgewater's Dalio calls report about feud with Jensen overblown

Fri Feb 5, 2016 7:03pm EST
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By Jennifer Ablan and Lawrence Delevingne

NEW YORK (Reuters) - Ray Dalio, founder of Bridgewater Associates LP, the world's largest hedge fund, said on Friday that a Wall Street Journal story about a dispute with his heir apparent, Greg Jensen, was overblown.

The newspaper reported that Dalio and Jensen had gone as far as to call for a dozen senior employees and stakeholders to vote on their character and conduct in a bid to resolve the dispute.

"The article is a sensationalistic mischaracterization of what is going on," Dalio said in response to a query from Reuters.

"Greg and I have had lots of disputes over the last 20 years, and what's great is that we have a systematic process for working ourselves through them," he added in a statement.

The Wall Street Journal declined to comment.

Dalio, who founded Bridgewater in 1975, was specifically questioning whether or not Jensen had "integrity" - defined in a 123-page treatise written by Dalio as never saying something about a person that you wouldn't tell the person directly, the Journal said.

Dalio is chairman and co-chief investment officer of Bridgewater, which has $154 billion in assets under management.

For his part, Jensen, who joined the Westport, Connecticut hedge fund 20 years ago and serves as co-CIO and co-chief executive officer, was questioning if Dalio had fulfilled the succession plan he set forth in 2011.   Continued...

Ray Dalio, Chairman and Chief Investment Officer of Bridgewater Associates gestures at the Ending the Experiment event in the Swiss mountain resort of Davos in this January 22, 2015 file photo. REUTERS/Ruben Sprich