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NY Post: Soros' Investment Firm Sheds 9 Employees

Image: NY Post: Soros' Investment Firm Sheds 9 Employees
 (AP/Mary Altaffer)

By    |   Friday, 27 October 2017 03:32 PM

George Soros’ $26 billion investment office reportedly has shed nine employees this week.

The nine workers included two portfolio managers, the New York Post reported.

One manager exited to start his own fund with money seeded from Soros, sources told the Post. The other left after posting lackluster returns, the sources told the Post.

Seven others, said to be back-office workers, were let go, sources told the Post.

“These moves and shuffles you’re seeing are related to the fact that we hired a new CIO [Dawn Fitzpatrick] in April, and this is the normal course of reshuffling,” Michael Vachon, a spokesman for Soros Fund Management, told The Post.

Earlier this month, Soros reportedly transferred about $18 billion, the majority of his estimated fortune, to his Open Society Foundations, making them the second largest philanthropic grant-making group in the United States.

The foundations already controlled billions of dollars, but Soros, 87, has in recent years increased the pace of transfers from his hedge fund-turned-family office, Soros Fund Management LLC, the Wall Street Journal and the New York Times reported.

Representatives for Open Society did not respond to requests for comment from Reuters.

Open Society works globally to “build vibrant and tolerant democracies” and has given away nearly $14 billion since inception in 1979, according to its website.

Hungarian-born Soros, who made a huge profit betting against an overvalued British pound in 1992, is a vocal supporter of liberal causes and was a large contributor to the fund-raising Super PAC group backing Democratic presidential nominee Hillary Clinton last year.

Soros early this year hired former UBS Group AG asset management executive Dawn Fitzpatrick to serve as the latest chief investment officer for New York-based Soros Fund Management, which also manages money for Open Society.

Only the Bill & Melinda Gates Foundation is now larger than Open Society among U.S. grant-making groups, with an endowment of about $40 billion.

Soros is worth an estimated $23 billion, according to Forbes.

(Newsmax wire services contributed to this report).

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George Soros' $26 billion investment office reportedly has shed nine employees this week.
george soros, investment, firm, employees
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2017-32-27
Friday, 27 October 2017 03:32 PM
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