A news release said that Harris was most recently president of Verizon Investment Management Corporation. Ray Dalio will remain as president and chief investment officer.
“Two things have become clear over the past few years: First, the traditional investment processes that we have all relied on for years can be improved,” Harris said in the announcement. “Second, the investment community is divided into two groups. One group includes those who believe that investment results are easily achieved, and that returns and alpha are commodity products that should simply be distributed as broadly as possible. The other group includes investors who understand the difficult task of creating high, sustainable investment results. I believe the latter group has prevailed.”
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.