In a quiet but significant shift, Ray Dalio has officially cut all remaining financial ties with Bridgewater Associates, the hedge fund he founded. According to a recent client update, Bridgewater has bought out Dalio’s last shares, marking the end of his role not just as a shareholder but also as a board member.

Behind the scenes, the Brunei Investment Agency has emerged as a major player. The sovereign wealth fund, known for its patient, long-term approach, has transitioned its capital from one of Bridgewater’s investment vehicles into a direct equity stake—reportedly acquiring close to 20% of the firm. Insiders suggest this move places the Brunei fund among the top stakeholders in Bridgewater today.