Mark Carney Hires Bridgewater Co-CIO to Lead Canada's Sovereign Wealth Fund

Bridgewater Associates co-chief investment officer Karen Karniol-Tambour will leave the firm to lead Canada's newly established sovereign wealth fund, the Canada Strong Fund, one of Prime Minister Mark Carney's signature economic initiatives. According to Sina Finance, Carney said in a statement that Karniol-Tambour has the experience and ambition needed to strengthen the economy through investment and create lasting wealth for Canadians. The fund will receive initial federal government funding of C$25 billion ($17.7 billion) and invest only in Canadian companies and projects, seeking long-term returns. Carney aims to strengthen key strategic industries and reduce Canada's economic dependence on the United States. Karniol-Tambour, 41, has worked at Bridgewater since graduating from Princeton University in 2006. In 2023, amid a major company restructuring led by CEO Nir Bar Dea, she became a co-chief investment officer alongside Greg Jensen and Bob Prince. She oversees Bridgewater's Asia strategy, including its China investment management business. A person familiar with the matter said Bridgewater does not plan to hire or promote someone to replace Karniol-Tambour. In addition to Jensen and Prince, the firm has two deputy chief investment officers, Ben Melkman and David Trinh.