George Soros Taps UBS Exec Fitzpatrick For CIO Role At Family Office

Feb 1 2017 | 9:11pm ET

Senior UBS Asset Management executive Dawn Fitzpatrick has been tapped by George Soros to lead his $25 billion family office Soros Fund Management. 

Fitzpatrick replaces Ted Burdick, who resigned from the position last summer and returned to managing a credit portfolio at the company, in the CIO role. She will assume her new duties at the end of March. She is presently global head of equities and multi-asset investing for UBS AM, as well as overseeing the company’s UBS O’Connor multi-strategy hedge fund unit. 

Information about her replacement at UBS AM was not immediately available. 

Fitzpatrick will be the seventh executive to serve as CIO of Soros Fund Management since the April 2000 departures of Stanley Druckenmiller and Nicholas Roditi. Soros has become increasingly involved in day-to-day trading at the firm since the end of 2015, according to a Bloomberg article citing an unidentified person familiar with the matter, and he reportedly lost $1 billion from bearish positions in place ahead of Donald Trump’s surprise election victory and subsequent equity rally. Despite this, the fund is said to have gained approximately 5% last year. 

One of the most successful hedge fund companies in history, Soros Fund Management converted into a family office in 2011. It manages approximately $25 billion on behalf of George Soros, his family, employees and associated foundations. 

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