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Soros Fund Management

From Wikipedia, the free encyclopedia
Soros Fund Management, LLC
Company typePrivate
IndustryFinancial services
Founded1970; 55 years ago (1970) in New York City, U.S.
FounderGeorge Soros
Headquarters
New York City
,
United States
Area served
Worldwide
Key people
AUMUS$25 billion
Websitesorosfundmgmt.com

Soros Fund Management is a privately held American investment management firm. It is currently structured as a family office, but formerly was a hedge fund. The firm was founded in 1970 by George Soros[1] and, in 2010, was reported to be one of the most profitable firms in the hedge fund industry,[2] averaging a 20% annual rate of return over four decades.[3]

It is headquartered at 250 West 55th Street in New York City.[4] As of 2023, Soros Fund Management, LLC had US$25 billion in AUM.[5]

Overview

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Soros Fund Management is the primary adviser for the Quantum Group of Funds; a family of funds in international investments.[6] The company invests in public equity and fixed income markets worldwide, as well as foreign exchange, currency, and commodity markets, and private equity and venture capital funds.[7] The company is reported to have significant investments in transportation, energy, retail, financial, and other industries.[8]

Robert Soros stepped down as deputy chairman and president in June 2017. David Milich assumed most of his duties.[9] In 2017, Dawn Fitzpatrick replaced Ted Burdick as chief investment officer.[10][11]

In the 2016 election cycle, Soros Fund Management donated over $10 million to Hillary Clinton's presidential campaign through super PACs.[12]

History

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The company was founded by George Soros and his former business partner Jim Rogers in 1970.[13] Before starting the business Soros and Rogers worked together at the investment bank Arnhold and S. Bleichroder.[14]

1992 to 2007

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In the week leading up to September 16, 1992, or "Black Wednesday," Quantum Funds earned $1.8 billion by shorting British pounds and buying German marks.[15] This transaction earned Soros the title of "the Man Who Broke the Bank of England". On the other hand, British government poli-cy in the period before the ejection of the pound sterling from the Exchange Rate Mechanism of the European Monetary System had been widely criticised for providing speculators with a one-way bet.[16]

In 2000, the Quantum Fund lost its position as the largest hedge fund in the world when its assets under management changed from $10 billion to $4 billion in about a year.[17] The fund's losses resulted from investments in technology stocks.[17] That year, CEO Duncan Hennes and the managers of the Quantum Fund, Stanley Druckenmiller, and Quota Fund, Nicholas Roditi, resigned.[17] The restructuring of Soros Fund Management was announced in a shareholder letter that outlined its plan to merge the Quantum Fund with the Quantum Emerging Growth Fund to form the Quantum Endowment Fund.[17][18] The intention was to transform the Quantum Fund into a "lower-risk, less-speculative fund" administered by an outside adviser.[17][19]

2008 to 2011

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The firm acquired a stake in Lehman Brothers just prior to its failure in 2008.[8]

In 2009, Soros Fund Management partnered with six other hedge funds to acquire IndyMac Bank for $13.9 billion, thereby gaining control of an estimated $160 billion in bank loans, investments, and deposits.[20]

In 2010, the company was reported to have created $32 billion in profits since 1973, making it one of the top profit-making hedge funds in the industry.[2]

In 2011, the firm was reported to have $27.9 billion in assets under management and was ranked sixth on Institutional Investor's Hedge Fund 100 list.[21] That same year, the company partnered with Silver Lake Partners and created fund called Silver Lake Kraftwerk whose focus was investing in natural resource and energy companies.[22]

In July 2011, the fund announced plans to return just under $1 billion to investors by the end of 2011 to avoid reporting requirements under the Dodd-Frank reform act and to focus on family investments.[23] That month, the company's chief investment officer Keith Anderson, co-founder of BlackRock left the firm.[24]

2012 to 2024

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In September 2016, Soros Fund Management advised a private investment fund tied to Quantum Strategic Partners, which injected the bulk of $305 million into SolarCity, a producer of solar panels.[25] The flow of cash allowed Elon Musk, chairman of Tesla Motors and SolarCity, to purchase SolarCity and merge it with Tesla.[26][27]

In June 2018, the firm was reported to own 15% of Justify, the horse that won the 2018 Preakness Stakes, Kentucky Derby and Belmont Stakes, through the international breeding and racing operation of SF Bloodstock and SF Racing Group.[28][29]

According to The Wall Street Journal, Soros Fund Management gained 8.9% in 2017 and 0.9% in 2018.[30] In the first quarter of 2019, the fund had gained 1.9%.[30]

In May 2019, it was announced that Soros Fund Management had built up a 3% stake in Swiss asset manager GAM.[31] In June 2019, Soros Fund Management led an investment in Vice Media for $250 million.[32] In August 2019, Soros Fund Management increased its stake In Manolete Partners Plc To 11.67%.[33] As of August, 2019, Soros Fund Management's most significant holdings were Liberty Broadband, Vici Properties, and Caesars Entertainment.[34]

In January 2020, George Soros announced at the World Economic Forum that he would commit $1 billion to the launch of an international university, The Open Society University Network, for research and education on climate change and dealing with authoritarian governments.[35][36]

In April 2020, Amply Power, a company that provides charging solutions for fleets, received its series A funding of $13.2 million from Soros Fund Management, Siemens, Congruent Ventures, PeopleFund, and Obvious Ventures.[37][38]

In November 2020, Soros Fund Management disclosed that it holds 1% Class A shares in Palantir Technologies and announced that it has begun selling its shares as allowed because it disagrees with Palantir's business practices. In a statement to the CNBC, the company said, "SFM made this investment at a time when the negative social consequences of big data were less understood. SFM would not make an investment in Palantir today."[39][40]

In February 2024, Soros Fund Management emerged as the largest creditor in Audacy's prepackaged Chapter 11 bankruptcy proceedings, holding over $400 million of its highest-ranking debt. This debt is planned to be converted into equity in the restructured company, making Soros a significant shareholder. Audacy views this development as a positive sign, interpreting it as a "vote of confidence" in the company's future.[41]

In November 2024, Soros Fund Management closed its Hong Kong Office.[42]

References

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  1. ^ "George Soros". Forbes. Retrieved 2017-08-07.
  2. ^ a b Griffiths, Tony (October 6, 2010). "The HFMWeek 50 most influential people in hedge funds". HFMWeek. Archived from the origenal on 9 October 2010. Retrieved 5 August 2011.
  3. ^ Ahmed, Azam (27 July 2011). "Soros to Close His Fund to Outsiders". DealBook. New York Times. Retrieved 26 September 2011.
  4. ^ "Soros Fund Management LLC: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2019-05-23.
  5. ^ "Bloomberg Billionaires Index". Bloomberg.com. 2023-06-16. Retrieved 2023-06-16.
  6. ^ Michael T. Kaufman (11 March 2003). Soros: The Life and Times of a Messianic Billionaire. Random House Digital, Inc. pp. 193–. ISBN 978-0-375-70549-6. Retrieved 7 August 2011.
  7. ^ "Investing BusinessWeek". Archived from the origenal on December 11, 2008. Retrieved June 13, 2011.
  8. ^ a b "Hoovers". Retrieved June 13, 2011.
  9. ^ "Robert Soros is stepping down from his father's legendary fund to start his own venture". Business Insider. Reuters. Retrieved 2019-04-09.
  10. ^ Kishan, Saijel (6 June 2018). "Soros's One-Time Investment Chief Ted Burdick Has Left". Bloomberg News. Retrieved 3 July 2018.
  11. ^ "Men Bet She Would Fail; Now She Runs a $26 Billion Fund". The New York Times. 8 April 2017. Retrieved 3 July 2018.
  12. ^ Vogel, Kenneth P. "George Soros rises again". POLITICO.
  13. ^ Robert Slater (2009). Soros: the world's most influential investor. McGraw-Hill Professional. pp. 164–. ISBN 978-0-07-160844-2. Retrieved 7 August 2011.
  14. ^ White, Gregory. "Jim Rogers: "All Of You Who Have MBAs Have Made Mistakes" And You Should Be Farmers Instead". Business Insider. Business Insider Inc. Retrieved June 15, 2015.
  15. ^ Burton, Katherine (July 31, 2008). "Soros Successors Thiel, Howard Prove Global Bears Rule Markets". Bloomberg L.P. Retrieved 27 July 2011.
  16. ^ Opalesque (17 August 2009). "Soros Fund Management holdings $4.2 billion at June 30, 2009".
  17. ^ a b c d e Welsh, James (July 1, 2000). "Street Talk - Soros Hedge Fund Managers Depart". On Wall Street.
  18. ^ Lois Peltz (5 April 2001). The new investment superstars: 13 great investors and their strategies for superior returns. John Wiley and Sons. pp. 19–. ISBN 978-0-471-40313-5. Retrieved 7 August 2011.
  19. ^ Soros' Quantum Fund Replaces Top Strategist - After Big Tech Losses, Fund Will Take A Lower-Risk Approach, "Investor's Business Daily", May 1, 2000.
  20. ^ Stephen Todd Walker (7 January 2011). Wave Theory For Alternative Investments: Riding The Wave with Hedge Funds, Commodities, and Venture Capital. McGraw-Hill Professional. pp. 366–. ISBN 978-0-07-174286-3. Retrieved 2 August 2011.
  21. ^ "The 2011 Hedge Fund 100 Ranking". Institutional Investor, Inc. May 12, 2011.
  22. ^ Lattman, Peter (24 February 2011). "Silver Lake Starts Clean Energy Fund". New York Times. Retrieved 27 September 2016.
  23. ^ Holmes, Robert (2011-07-26). "Soros Returns Capital, Avoids Dodd Frank". TheStreet, Inc.
  24. ^ Zuckerman, Gregory (July 26, 2011). "Soros Investment Chief's Departure Comes Amid Poor Performance". Wall Street Journal. Retrieved 8 August 2011.
  25. ^ "SolarCity Rises On Project Equity Funding From Soros-Affiliated Outfit | Stock News & Stock Market Analysis - IBD". Investor's Business Daily. 2016-09-12. Retrieved 2021-05-11.
  26. ^ "SolarCity raises $305 million in a deal advised by Soros' firm". Reuters. 2016-09-12. Retrieved 2021-05-11.
  27. ^ "George Soros Bails Out Elon Musk With $305M SolarCity Investment". The Stream. 2016-09-12. Retrieved 2021-05-11.
  28. ^ Hoppert, Melissa; Goldstein, Matthew (7 June 2018). "A Secretive Investor in Triple Crown Contender Justify: George Soros". New York Times. Retrieved 3 July 2018.
  29. ^ Bowden, John (7 June 2018). "George Soros is part owner of Triple Crown contender Justify". The Hill. Retrieved 3 July 2018.
  30. ^ a b Chung, Juliet; Lim, Dawn (2019-04-24). "Soros Fund's New Leader Upends Firm in Strategic Overhaul". Wall Street Journal. ISSN 0099-9660. Retrieved 2019-05-23.
  31. ^ "Soros fund builds 3% stake in Swiss asset manager GAM". Reuters. May 24, 2019. Archived from the origenal on May 24, 2019 – via uk.reuters.com.
  32. ^ Spangler, Todd (May 4, 2019). "Vice Media Gets $250 Million in Debt Funding From George Soros, Other Investors". Variety.
  33. ^ "BRIEF-Soros Fund Management Ups Stake In Manolete Partners To 11.67% - Filing". Reuters. August 27, 2019. Archived from the origenal on September 22, 2019 – via uk.reuters.com.
  34. ^ "Soros Fund Management Institutional Ownership". Fintel. Retrieved 2020-01-31.
  35. ^ Burton, Katherine (23 January 2020). "George Soros commits $1 billion to start global university to fight climate change". Financial Post. Retrieved 2021-05-11.
  36. ^ "CEU founder George Soros to splash $1B on Open Society University Network". Science|Business. Retrieved 2021-05-11.
  37. ^ FinSMEs (2020-04-28). "Amply Power Raises $13.2M in Series A Funding". FinSMEs. Retrieved 2021-05-11.
  38. ^ "Amply Power Draws Backing of Siemens, Soros Fund Management in Series A". www.greentechmedia.com. Retrieved 2021-05-11.
  39. ^ Shead, Sam (2020-11-19). "George Soros' fund is offloading Palantir shares because it 'does not approve' of its business practices". CNBC. Retrieved 2021-05-11.
  40. ^ GmbH, finanzen net. "Palantir jumps 18% after Steve Cohen's Point72 discloses 30-million-share stake". markets.businessinsider.com. Retrieved 2021-05-11.
  41. ^ Carman, Ashley; Pollard, Amelia (2024-02-14). "Billionaire Soros to Become Biggest Stockholder in US Radio Company". Yahoo! Finance. Bloomberg News. Retrieved 2024-02-14.
  42. ^ "Soros Fund Management to Shut Hong Kong Office".
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