A Bridgewater co-chief investment officer leaves after two decades to lead the $25 billion fund
Karen Karniol-Tambour will run the $25bn Canada Strong Fund, the federal sovereign wealth fund that will sell retail investment products alongside its stakes in Canadian companies and projects.
The Prime Minister’s Office (PMO) announced her appointment as inaugural chief executive on Monday, and Bridgewater Associates chief executive Nir Bar Dea confirmed her departure from the Westport, Connecticut hedge fund manager in a statement to Reuters.
Bloomberg reported that Bridgewater planned to tell employees of the departure that morning, citing a person familiar with the matter.
“As a proud Canadian, this is an opportunity for Karen to serve her country and take on the important work of public service,” Bar Dea said in his statement to Reuters.
In a statement seen by Bloomberg, he added, “We are grateful for her many contributions and the meaningful impact she has had on the firm, and we wish her success in this next chapter.”
Prime Minister Mark Carney launched the fund in April with an initial endowment of $25bn to invest in major Canadian projects and companies, Reuters reported.
Bloomberg put the federal injection at US$17.7bn and reported the fund will invest only in Canadian companies and projects, with the ability to buy minority stakes in projects and companies that receive federal support in other ways.
Budget 2026 outlined plans to establish the fund as an independent Crown corporation, Reuters reported, and in the interim it will operate as a wholly owned subsidiary of the Canada Development Investment Corporation, the government’s financial and commercial adviser.
The PMO, in its statement, said the fund “will be professionally managed, operating at arm’s length from the government, with its own board of directors.”
Reuters reported the fund will also offer retail investment products, giving Canadians access to investment opportunities traditionally available mainly to institutional investors.
According to CBC News, last week’s federal budget said those investments will take the form of notes similar to savings bonds, and no timing or mechanics have been announced.
“Together, the fund and its retail offering will create a new model of Canadian ownership, helping build national wealth while ensuring more Canadians share in the benefits of economic growth,” the PMO said.
Karniol-Tambour, 41, joined Bridgewater in 2006 after graduating from Princeton University, Bloomberg reported.
Reuters reported she became co-chief investment officer for sustainability in 2021 and co-chief investment officer in 2023.
She took that role alongside Greg Jensen and Bob Prince as part of a broad overhaul under Bar Dea, according to Bloomberg, which also reported she oversees Bridgewater’s Asia strategies, including its China Investment Management office.
The firm manages about US$102bn, Reuters reported.
Bloomberg reported that Karniol-Tambour holds Canadian, US and Israeli citizenship.
The PMO release cited her Canadian citizenship, while public records indicate she was born in Israel and has spent her professional career in the US.
Barron’s has named her among the 100 most influential women in US finance for each of the past seven years, the broadcaster reported.
