Bridgewater Associates LP told clients it has hired a former senior executive at Apple Inc. as its new co-chief executive, as the world’s largest hedge fund fine-tunes its future leadership.
Jon Rubinstein, who helped oversee the development of the iMac and iPod at Apple, will formally join the firm in May, according to a note to clients Thursday reviewed by The Wall Street Journal.
Mr. Rubinstein will take over the management responsibilities of Greg Jensen, a 20-year veteran of the firm who remains as co-chief investment officer alongside Bridgewater founder Ray Dalio and his longtime partner, Bob Prince. Eileen Murray has served as the other co-CEO alongside Mr. Jensen, and she will stay in that role.
Mr. Jensen, 42 years old, was long seen by Bridgewater employees and investors as an heir apparent to Mr. Dalio, but there have been tensions between the two men recently. One of their disputes was featured in an article in The Wall Street Journal in February. Mr. Jensen will remain in his position until later this year, the firm said.
Mr. Jensen is taking a three-week vacation from the hedge-fund firm, people familiar with the matter said. That length of time away is an unusually long absence in his 20-year tenure at the firm, the people said.
Bridgewater said in the memo Thursday that the firm, which has $154 billion under management and about 1,500 full-time employees, had become too large to have someone split time between CIO and CEO.
Mr. Dalio, 66 years old, is midway through a 10-year plan to step back from day-to-day management of Bridgewater. He has cycled through a number of outside executives in recent years in an effort to find staff best suited for a unique culture it describes as “radically transparent.”
Bridgewater also revealed in Thursday’s letter that Craig Mundie, former chief of research and strategy for Microsoft Corp., is the firm’s executive chairman alongside Mr. Dalio. Mr. Mundie started consulting at Bridgewater about two years ago, the letter to investors said.
Bringing in Mr. Rubinstein was part of the firm’s long-term transition “from an entrepreneurial firm run by its founder to an institution run by many capable people,” the letter said.