Eileen Murray, the co-CEO of Bridgewater Associates, is stepping down from her role at the $160 billion hedge fund at the end of next quarter.

The world's largest hedge fund announced Murray's departure in a press release Tuesday morning. Co-CEO David McCormick will serve as the sole CEO of the firm, the release said.

"With the firm's management transition on solid footing, I feel now is a good time for me to leave Bridgewater to pursue other opportunities," Murray said in a statement.

Bridgewater founder and co-chairman Ray Dalio said in a statement that McCormick "brings unique leadership skills and a strategic mindset that have made a big impact and will help to position us well for the future."

Its unclear what Murray will go on to do next. She was considering leaving the hedge fund in May, according to The Wall Street Journal . Representatives of Wells Fargo contacted Murray regarding the bank's open CEO role at the time, The Journal reported.

Murray joined Bridgewater in 2009 and became co-CEO in 2013. Prior to that, she held senior-level roles at Morgan Stanley and Credit Suisse .

Dalio has had difficulty retaining a CEO at the firm since he transitioned out of the position in 2011. Since that time, five people have served as either co-CEO or CEO, Bloomberg reported.

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