Bridgewater Founder Ray Dalio Hands Over Control of Firm

Bridgewater Associates founder Ray Dalio stepped down as co-investment chief of the largest U.S. hedge fund firm, nearly five decades after he started it in his Manhattan apartment.

The move, finalized Friday and announced Tuesday following a tumultuous yearslong succession process, leaves a handful of Dalio associates in charge of the firm, which has $150 billion under management. Mr. Dalio remains on the Bridgewater board.