Home > News > Corporate Moves > Robert Soros Resigns to Build New Branch, Invest in Firm
Corporate Moves

Robert Soros Resigns to Build New Branch, Invest in Firm

Firm seeks to hire a global macro-portfolio manager for its two macro teams.

By Chris Butera

Robert Soros, the eldest of George Soro’s five children, will be stepping down from his roles as deputy chairman and president of Soros Fund Management as well as from day-to-day management from the $26 billion family office.

Robert, 53, will remain an owner at the firm and continue working with its long-term strategic planning. He’ll be investing his own money at the firm, creating an extension known as Soros Capital, which will focus on illiquid investments such as venture capital. He will also focus on investing in long-term holdings in his personal portfolio.

“As opposed to the past when everything was under one umbrella and under the strong force of the patriarch, Soros Fund Management will now transition to a model that provides customized solutions for the different needs of the Soros family and the Soros foundation clients,” he said in an interview with Bloomberg.

The firm is looking to hire a global macro-portfolio manager for its two macro teams, which specialize in emerging markets.

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Earlier this year, Dawn Fitzpatrick left UBS to become Soros Fund Management’s CIO, becoming the seventh CIO for the fund since April 2000.

Taking over Robert’s management tasks will be David Milich, who joined the fund in 2013 as COO.

Robert was unable to be reached for comment by press time.

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Home > News > Corporate Moves > BlackRock to Head ASU Foundation Endowment
Corporate Moves

BlackRock to Head ASU Foundation Endowment

The asset management Goliath is making inroads in endowments and foundations.

By Chris Butera

Starting July 1, New York’s $5.4 trillion BlackRock will be tasked with managing Arizona State University’s (ASU) $600 million endowment.

The world’s largest money manager will succeed Perella Weinberg Partners’ Agility unit, which ran the endowment for the past three years.

Although BlackRock’s $110 billion globally outsourced investment management assets feature pensions, insurance companies, and other institutions, endowments and foundations aren’t typically an area they’re known for heading.

According to Bloomberg, BlackRock has provided risk advisory services to the university’s foundation since 2014.

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The reason for the switch, according to Bloomberg, is because Arizona State is looking to explore “a wider array of strategies,” some of which includes moving more of its portfolio into passive investments.

According to an annual financial report, Arizona State’s foundation lost 4.4% from June 2015 to June 2016, and trailed a benchmark the past three years with an annual average return of 3.7% (the average endowment targets an 8% annual gain, which covers spending and inflation).

The $8.4 billion Agility was tasked with selecting asset managers to invest on behalf of ASU. The firm chose not to retain Arizona State, amicably splitting with the foundation late last year.

 

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