Soros Son Plans Own Family Office

Apr 2 2012 | 2:19pm ET

George Soros' second son is taking a step—but only one—out of the nest.

Jonathan Soros, who worked at Soros Fund Management until last year, when it began to transition to a family office, will launch a family office of his own. Jonathan Soros and his brother, Robert, led Soros Fund beginning in 2002.

Jonathan Soros' new family office—which will only manage part of his personal fortune; the rest will remain with Soros fund—will employ David Kulsar, the former risk manager at JWM Partners who is currently chief risk officer for Soros Fund.

The money left at his dad's family office isn't the only remaining tie: Jonathan Soros, who is currently a senior fellow at left-leaning think tank Roosevelt Institute, will remain chairman of his father's charitable foundation.

"Jonathan wants to manage some of his own money so the family office has made that accommodation for him," a source told Reuters.

Jonathan Soros' decision is the latest earthquake in a tumultuous year for Soros. In addition to returning all outside capital, the family office has seen former firm money manager Scott Bessent named chief investment officer, a 15% loss, the write-down of its $200 million investment in Harbinger Capital Management and layoffs at the end of last year.


In Depth

bfinance: Fees Falling Across Asset Classes, Yet Overall Investor Costs Still Climbing

May 16 2017 | 9:53pm ET

Despite unprecedented attention on fees, new research from investment consultancy...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Risk-Based Compliance: Why Oversight Of Outsourcing Is Critical

May 10 2017 | 7:02pm ET

Compliance is notoriously one of the trickiest middle office functions for funds...

 

From the current issue of