Soros Fund Is Cutting Back on the Bets That Made Its Founder a Billionaire
- Soros CIO Dawn Fitzpatrick has been cutting exposure this year
- Macro investments lost 4-5 percent; firm up slightly this year
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Soros Fund Management has reduced most of its macro wagers, moving away from the strategy that made George Soros a billionaire -- and inspired a generation of traders who looked to profit from big moves in currency, bond and commodity markets.
Dawn Fitzpatrick, who joined New York-based Soros Fund Management as chief investment officer in early 2017, has been cutting the strategy over the past year, citing fewer opportunities. She withdrew money from external macro managers and cut allocations to the firm’s internal team, according to people familiar with the changes.