FILE PHOTO: Ray Dalio, founder, co-chief investment officer and co-chairman of Bridgewater Associates, speaks at the 2017 Forbes Under 30 Summit in Boston, Massachusetts, U.S. October 2, 2017. REUTERS/Brian Snyder

(Reuters) - Bridgewater Associates, the hedge fund controlled by billionaire investor Ray Dalio, plans to become a partnership in the coming months, giving its top executives more say in running the fund, the New York Times reported on Thursday.

The world’s largest hedge fund, which manages about $160 billion, announced the new partnership model to employees and clients on Thursday, the NYT reported.

Dalio stepped down from the hedge fund’s day-to-day operations nearly a year ago.

Bridgewater was not immediately available for comment.