In a message to employees, Harris praised the culture of the Westport, Connecticut-based institutional investment firm, but said it was not as comfortable a fit as he and President Ray Dalio had first thought. Harris acknowledged that he was not the best individual to lead the company forward, said informed sources.
Before joiningBridgewater in November 2004 (See Harris Named as Bridgewater Associates CEO), Harris had most recently been president of the Verizon Investment Management Corporation.
Bridgewater manages investment portfolios and a hedge fund for institutional clients, including pension funds, endowments, foundations, foreign governments and central banks. The firm, founded in 1975, has more than 200 clients. More information is at http://www.bwater.com/default.htm .