Abbas “Eddy” Zuaiter is retiring as chief operating officer of George Soros’s $23 billion family office at the end of the year, according to a memo sent to employees and obtained by Bloomberg News.
The executive, 45, will also leave his spot as member of the firm’s management committee, according to the memo, signed by Robert Soros, deputy chairman of Soros Fund Management LLC. Gavin Murphy, tax director at the New York-based firm, will serve as acting COO.
Zuaiter, a former partner at PricewaterhouseCoopers LLP, has been at Soros for a decade. He joined the hedge fund two years after Soros’s two main managers, Stanley Druckenmiller and Nicholas Roditi, left and Soros said he would stop accepting outside capital and making big, leveraged bets on stocks, bonds and currencies. Zuaiter will still act as an adviser to the family office, according to the memo.
Soros, 82, returned client capital of less than $1 billion last year, citing changes in regulations that would make it necessary for the firm to register with the U.S. Securities and Exchange Commission if it were to continue to manage money for outsiders. By going private, the firm, which averaged annual gains of 30 percent in its first 30 years, escaped requirements of the Dodd-Frank law to provide information about customers, employees and assets.
Scott Bessent, who managed Soros’s European investments for eight years, returned to the firm late last year to become chief investment officer of the family office.
Michael Vachon, a spokesman for Soros Fund Management, declined to comment on the memo.