Robert Soros Steps Down As President Of Soros Family Office

Tyler Durden's picture

Robert Soros, 53, the eldest of George Soros' five children and currently deputy chairman and president of Soros Fund Management, is resigning from those roles and stepping down from day-to-day management to invest his own money at the $26 billion family office according to Bloomberg, which adds that Robert will remain an owner at the firm where he has worked in various investment and management roles for more than 20 years, and will continue to be involved in its strategic long-term planning.

Robert will create a unit called Soros Capital, which will tend toward illiquid investments including venture capital.

As opposed to the past when everything was under one umbrella and under the strong force of the patriarch, Soros Fund Management will now transition to a model that provides customized solutions for the different needs of the Soros family and the Soros foundation clients,” Robert said in a telephone interview.

It sounds as if the Soros "non-patriarchs" are putting in place succession event contingenies. And, if the investment horizon is longer, so much the better for young Robert.

The change comes several months after Soros hired Dawn Fitzpatrick as chief investment officer to help diversify beyond the large, leveraged bets that made George Soros’s immense fortune. David Milich, who joined Soros four years ago as chief operating officer, will take over Robert’s management duties.

The firm has been making fewer macro wagers because they have presented a "lackluster opportunity set," Robert said. While the family office has done well, he said, other large-scale firms that chase macroeconomic trends by trading bonds, currencies, stocks and commodities "have struggled for a while."

 

Even so, Soros Fund Management still has two macro teams that focus primarily on emerging markets, and is looking to hire a global macro-portfolio manager. The firm’s goal is to maintain its legacy of being one of the most successful macro firms of all time, he added.

In his portfolio, Robert will focus on long-term holdings because according to Bloomberg, he has the "luxury" of pursuing investments that take a while to play out; sounds like a PE carveout within a hedge fund, although the logic to do so in an algo-driven world of HFTs and short-term return focus, is certainly appealing, as Robert himself notes:

“So much is driven by algorithms, and the more predictive quantitative models get, the more difficult it is to produce excess returns,” he said.

Some background:

Robert joined Soros Fund Management after graduating from New York University in 1986 with a degree in English literature. He soon left to take other jobs, including a stint at German bank Schroder Munchmeyer Hengst & Co., before returning in 1994. Two years later, he helped run Quantum Industrial Holdings, the firm’s private equity fund. Later he moved to the firm’s main Quantum Endowment Fund.

 

In 2004, Soros handed greater control to Robert and Jonathan. In 2005, Robert became chief investment officer, and stepped down from that role two years later, though he continued to trade stocks, and make macro wagers on bonds, currencies and commodities. He stopped trading for the fund about five years ago, though he continued to manage his own money. In 2012, Robert’s brother Jonathan created his own affiliated family office called JS Capital.

 

“In his role as deputy chairman and president my son Robert has done an outstanding job in preparing SFM for its next phase,” George Soros said in an email. “I look forward to his continued involvement and wish him the greatest success in his personal ventures.”

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wrenching Away's picture

Maybe he doesn't like daddy's socialist meddling.

07564111's picture

Nope..The game has kicked up a gear.

This is in preparation for george departing this world.

InjectTheVenom's picture

fuck George Soros and all of his family.

DRAIN THE SWAMP.

Creepy_Azz_Crackaah's picture

What is most SHOCKING to me is that some woman, or set of women, had sex with that creature, giving it offspring.

ParkAveFlasher's picture

You infer too much.  First is willing consent, second is a natural conception and birth.

SafelyGraze's picture

mister palindrome, junior, is launching ventures to effect regime change 

we wish godspeed and tally ho

hugs,
the pelosis

 

Ahmeexnal's picture

Looks like a flabby Tom Cruise.

fx's picture

Looks even more like scum than his daddy. It's disgusting that this criminal evil bastard had five children - and only the devil knows how many more. At least five offsprings too many of this evil family.

Four chan's picture

what could you possabilly do to get kicked out of that snake den?

auricle's picture

Now that the Soros financial terrorism is complete, time to take the theft/earnings and go double efforts on the geopolitical terrorism front. 

fleur de lis's picture

Any spawn of Soros/Scwartz is by definition a degenerate.

No way could George Soros/Georgi Schwartz produce anything benign -- neither in thought, nor work, nor deed.

 

 

JB Say's picture

Looks like Anton Chigurh from No Country For Old Men

Ghost of Porky's picture

The dude watched No Country For Old Men and decided "Hey, that's a good look for me."

El Vaquero's picture

It's a sad, sad day when you can look at a potential future oligarch and lob that as a legit insult.  

peddling-fiction's picture

Sad indeed. Was gonna write something about his 80's haircut, but you guys covered it.

gatorengineer's picture

Whoyoudathunk he had a North Korean Barber..

ThunderbirdXXI's picture

I didn't know George Soros was a Beatles fan...

wildbad's picture

dear Bloomberg,

err do you have an address with that?

HRClinton's picture

"fuck George Soros and all of his family."

Don't agree with your first word. Would use a different action verb, that serves the world better. 

chrsn's picture

We can be thankful that immortality remains beyond the reach of man

07564111's picture

In some sense it is, but george left 5 to carry on so there's that.

It make no difference when david rockefeller died, it made no difference when Brzezinski went, it will make no difference when soros and kissenger go..there's always someone waiting to take their seat at the big board. It need real effort to get them all dead and then there's maybe a chance for a soem while .. The evil will return in time though.

NotApplicable's picture

The only way to "defeat" evil, is with even greater evil.

Which is why violence is ultimately never the answer, as it always creates the fertile ground for opposition to grow.

The only real solution is Franklin's "eternal vigilance" of the moral and ethical type, focused on decentralization (as evil always seeks centralized power).

adr's picture

The problem with eternal vigilance is that evil is never truly confronted and is allowed to grow. While we have practiced eternal vigilance, adhering to a moral and ethical code, evil has taken over nearly every institution on Earth and made it impossible to live by the code. We are in danger of being wiped out. The reason why so many people can not believe that a group of people would fake something like Sandy Hook is that they can not believe people are capable of that kind of action. Not only are they capable, but they planned and executed the event in order to use good people's ethical code against them to further the agenda of evil. To them, faking an event like Sandy Hook is just a means to an end, purely necessary to promote their agenda.

The default state for many humans is evil. They can not be reasoned with or converted, only destroyed. Evil is genetic and the only way to eliminate pure evil is to destroy those who add it to the gene pool.

There are people you can look at and know they are a whack job liberal, as if their genetic code has predisposed them to a brain that will develop the mindset along with physical characteristics that manifest.  

mkhs's picture

We need Taarna, the Taarakian.

343 Guilty Spark's picture

And dispursing the family fortune will make it increadibly more difficult to tamp down or freeze. A very wise move if Soros is implicated in these leftest riots.

gespiri's picture

Or maybe he got pushed out......daddy discovered that talent is lacking...

mtl4's picture

His degree was in english lit, I don't think talent was ever a factor honestly.

Blue Balls's picture

Spoiled rich kid is probaly a retard.

nightwish's picture

the second head for the first set of guillotine bowling

el buitre's picture

Heard that he was going to open up a chain of pizza parlors.

3rdWorldTrillionaire's picture

All that money and he couldn't even find a decent hair cut and clothing... what a turd.

Jayda1850's picture

Dude looks like Eric Stoltz character in The Mask.

gladih8r's picture

He looks like the villain from No Country for Old Men (2007).

http://www.imdb.com/title/tt0477348/mediaviewer/rm2067508992

 

DSCH's picture

What's the most you've ever lost on a coin toss?

ParkAveFlasher's picture

"$20 says the Soros kid picks his nose."

mily's picture

He looks like fat version of trent reznor

NumNutt's picture

All that money and he can't get a decent hair cut....

VZ58's picture

Yeah but the Trumpster has no hair. This guy has plenty and still looks like a retard.

Fake Trump's picture

Trump is from his asshole.

mily's picture

Shitty haircut is to cover horns, "side part" would only cover one

montresor's picture

Thanks for telling us there's five of them..

nightshiftsucks's picture

My thoughts exactly and the only good Soros is a dead Soros.

Drop-Hammer's picture

Soros created his own vampire coven.

HowdyDoody's picture

"Robert joined Soros Fund Management after graduating from New York University in 1986 with a degree in English literature"

Someone recognizes the value of a humanities degree. (/sarc?)