Wednesday, 27 July 2016
Last updated 4 hours ago
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.