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.
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.