Soros's Rogers, Donfeld to Leave After Disagreeing With CIOby and
CIO Ted Burdick took the helm at the family office in January
`He's extremely talented,' Druckenmiller says of Rogers
David Rogers and Joshua Donfeld, two portfolio managers at billionaire George Soros’s family office, are leaving the firm over disagreements with its new chief investment officer about the direction of global markets, according to people with knowledge of the matter.
Rogers, a protege of Soros’s former chief investment strategist Stan Druckenmiller, managed a portfolio of about $3 billion at the $28 billion Soros Fund Management, said the people, who asked not to be named because the matter is private. Rogers, 38, made his name as a commodities trader, while Donfeld, 40, focuses on stock investing, said the people, adding that both men are expected to leave the family office next month.
“I don’t know what his plans are, but he’s extremely talented and he did a great job when he worked for me,” Druckenmiller said about Rogers, whom he trained at his former hedge fund Duquesne Capital Management, which boasts one of the best long-term track records in the industry. Rogers also spent some time at PointState Capital, which was started in 2010 by former employees of Duquesne after Druckenmiller closed his firm and started a family office.
The people familiar with the matter didn’t elaborate on the details of the disagreement. The two portfolio managers are exiting months after Ted Burdick was appointed chief investment officer to replace Scott Bessent, who started his own hedge fund at the beginning of the year. Bessent was the chief investment officer at Soros Fund Management, which oversees the personal wealth of the billionaire, from September 2011 until 2015, and is now managing $4.5 billion at his Key Square Group, including $2 billion for Soros. Both Donfeld and Rogers were hired by Bessent.
Michael Vachon, a spokesman for Soros, declined to comment on the departures and said that both Rogers and Donfeld declined to comment. Burdick didn’t return a call seeking comment.
Burdick is the sixth CIO to hold the job since Soros decided to scale back risk following the departures of star traders Druckenmiller and Nicholas Roditi in April 2000. In addition to Bessent, the other head investors were former Maverick Capital principal Robert Bishop, ex-Goldman Sachs Group Inc. partner Jacob Goldfield, Soros’s son Robert Soros and BlackRock Inc. co-founder Keith Anderson.
Soros Fund Management has lost between 4 and 5 percent this year, according to people familiar with the matter.