Ray Dalio, the founder of Westport-based Bridgewater Associates, one of the world’s largest hedge fund managers, has sold his remaining stake in the firm — the latest milestone in a long-term transition.

Investor Ray Dalio sold his remaining stake in Bridgewater Associates, the hedge fund he founded 50 years ago, according to a letter sent to investors, while Brunei's sovereign fund acquired a minority stake in the firm,

Bridgewater Associates founder Ray Dalio sold the remainder of his stake in the hedge fund he founded decades ago and left its board.