Soros Sons to Back New Hedge Fund From Ex-Soros ManagerBy
Fund is planned to start trading with maximum of $250 million
Jonathan and Robert Soros to invest in the long-short fund
Santiago Jariton, a former money manager at George Soros’s family office, is planning to start a hedge fund focused on stock bets in Latin America with anchor investments from two of the billionaire’s sons, according to people familiar with the matter.
Jariton, 37, who oversaw Latin America equity investments at Soros Fund Management until May, is expected to start the long-short equity fund in February with a maximum of $250 million under management, including money from Jonathan and Robert Soros, said one of the people, who asked not to be named because the matter is private. Representatives for the new firm, called Emerging Variant, and the Soros family declined to comment.
The fund will mostly trade Argentine, Brazilian and Mexican stocks, and will have offices in New York, Buenos Aires and Sao Paulo. Jariton, who began his career at Soros in the firm’s private equity group in 2005, will employ a fundamental stock analysis strategy, said one of the people. He was promoted to oversee Latin American equities in 2014.
Hedge fund investments in emerging markets rose to a record $223 billion in the quarter ended Sept. 30, up 11 percent from a year prior, according to Hedge Fund Research Inc. Less than 10 percent of the 1,145 hedge funds that invest in the developing world focus on Latin America, the data show. Latin America funds gained 10.3 percent in the third quarter, more than any other regional focus.
In June, Robert, the eldest of George Soros’s five children, stepped down as deputy chairman and president of Soros Fund Management to invest his own money at the Soros family office. In 2012, Jonathan created his own affiliated family office called JS Capital.