Bridgewater Associates named two new co-chief executives to head the world’s largest hedge fund on 3 January, after CEO David McCormick told staff he would be stepping down to consider running for the US Senate in Pennsylvania.

Bridgewater elevated to co-CEO deputy chief executive Nir Bar Dea, 40 years old, along with former Aetna Chief Executive Mark Bertolini, 65, who has been a member of Bridgewater’s board for three years, according to a memo to Bridgewater employees that was released publicly.