Bridgewater Associates’ commitment to the principle of “radical transparency” has been widely hyped in the press coverage of the world’s largest hedge fund almost since its inception – and even more so since founder Ray Dalio published a book codifying the firm’s “principles”.
But as it turns out, these principles don’t only apply to the firm’s investing process. Employees who fail to inform management of personal developments like, say, a relationship with a colleague (something we’re told is fairly common at Bridgewater), risk being handed a pink slip and exiled from the firm’s Westport, Conn. office. And apparently, the firm is adamant about this.
Perhaps due to the increased scrutiny facing the firm’s senior employees following an embarrassing lawsuit over a relationship between co-CIO (then co-CEO) Greg Jensen and a former unnamed female employee (who has since left the firm after receiving a $1 million settlement), Bob Elliott, who was until very recently the fund’s head of foreign-exchange research, has reportedly been fired for failing to properly disclose a relationship he had with a female coworker.
According to Bloomberg, Elliott, a 13-year veteran of the firm, informed his superiors about the relationship with a female colleague, but was dismissed anyway for cause, apparently for not informing them quickly enough. The woman, who had been at the firm for three years, was also let go.
Neither Elliott or Bridgewater would comment on reports of his dismissal, though his LinkedIn page was recently updated to reflect his departure.
Elliott said on his page that “after 13 years at Bridgewater,” he is “looking for new challenge in a different professional environment.” He first joined the firm in 2005 after graduating from Harvard with a degree in history and science.