- Representatives from Wells Fargo have reached out to Bridgewater Associates co-CEO Eileen Murray to discuss the possibility of her joining the bank as CEO, The Wall Street Journal reported.
- Murray has indicated she is exploring opportunities outside of the hedge fund.
- Watch Wells Fargo trade live.
Wells Fargo has reached out to Eileen Murray, co-CEO of hedge fund Bridgewater Associates, to discuss the possibility of her taking on the CEO position at the beleagured bank, according to a report from the Wall Street Journal.
Wells Fargo is actively looking for new leadership since the resignation of former CEO Tim Sloan in April. Bridgewater is the world’s largest hedge fund, with approximately $160 billion of assets under management.
Murray is co-CEO of Bridgewater, alongside David McCormick, while Ray Dalio, who founded Bridgewater in 1957, is now co-chief investment officer and co-chairman. Murray has focused on accounting and operations at the firm’s Westport, Connecticut, headquarters while McCormick often travels to meet clients, the Journal says.
Recently, Dalio has been busy promoting his writing and philosophy. He recently released a free app based on his new book, "Principles," which has sold over 2 million copies.
While Bridgewater’s strict non-compete makes it hard to leave for another investment fund, Murray has had discussions with several firms about senior roles, including Uber and MetLife, according to The Wall Street Journal.
Bridgewater is known for its unique culture which emphasizes "radical truth and transparency." All meetings are taped and employees are encouraged to point out each other’s faults, minor or major. "It’s not for everyone," Murray said in January at the Context Summits conference in Miami, Florida.
For all its controversy, the strategy appears to be working. Bridgewater was one of the most successful funds in 2018, posting a return of nearly 15% in a year during which most hedge funds lost money. On the back of that performance, Dalio reportedly earned $2 billion in 2018 alone.
Wells Fargo shares are up 5% this year.
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Source: Business Insider – areddy@businessinsider.com (Arjun Reddy)