Soros promotes sons as succession plans take shape

Suggested Topics

George Soros, the 74-year-old billionaire investor and philanthropist, has promoted his two sons to senior positions within his fund management business, signalling his desire to put succession plans in place.

George Soros, the 74-year-old billionaire investor and philanthropist, has promoted his two sons, Robert and Jonathan, to senior positions within his fund management business, signalling his desire to put succession plans in place.

A memo sent to investors in the company, which has $12.8bn under management, said Robert Soros, 41, had been named chief investment officer, and Jonathan Soros, 34, had been appointed as co-deputy chairman of Soros Fund Management. Their father will remain chairman of the New York-based company.

Until now, the two have maintained a relatively low profile compared to the Hungarian-born financial guru.

However, like his father, Jonathan Soros has become involved with politics, and has been associated with MoveOn and America Coming Together, two groups campaigning for a John Kerry victory in the upcoming presidential election. He has also been working for the private equity arm of Soros Fund Management in the past few years.

Robert Soros, Mr Soros' eldest son, has also worked for his father before, though he has spent much of his career at other financial groups such as the German bank Schroder Munchmeyer Hengst & Co.

Mr Soros' promotion of his children surprised some observers, who believed that the high-profile appointment two years ago of Mark Schwartz, a 22-year veteran of Goldman Sachs, signalled his intention to look outside his family for the future leadership of the investment business.

Mr Schwartz, who signed the memo sent to shareholders, said the promotion of Mr Soros' sons was part of wider reorganisation, which also included spinning off the real estate, and buy-out businesses. "During the past year, we have worked to simplify the structure in order to return the firm to its core activity as a hedge fund manager," Mr Schwartz said. "To that end, we have decided to spin off two of Soros Fund Management's investment management teams as independent firms."

Businesses which are to become independent include the property team headed by Richard Georgi and a credit team headed by Steven Mnuchin. Mr Schwartz added that the company planned to separate off the private equity team as well.

Mr Soros has remained closely involved with the fund management company. A supporter of the Democrat party, he has also become heavily involved in the US presidential election campaign.

Independent Comment
blog comments powered by Disqus
Career Services

Day In a Page

Couture on the Croisette: Fashion hits

Couture on the Croisette

The best outfits from the 2012 Cannes Film Festival
Child of the revolution: the Burmese family that democracy brought back together

Home of the free

The Burmese family that democracy brought back together
Cannes review: Canine accolade and Hitler's return are high spots amid the gloom

Cannes review

Frocks, canine accolade and Hitler's return
Robert Fisk: The going price of getting away with murder... would $33m be enough?

The going price of getting away with murder

Robert Fisk: The long view
Principled Skinner rises above the fray

Principled Skinner rises above the fray

Andy McSmith meets Dennis Skinner
Patrick Cockburn: I fear this terrible massacre will be the beginning of a long civil war in Syria

Patrick Cockburn

I fear this terrible massacre will be the beginning of a long civil war in Syria
Hardeep Singh Kohli: For me, it is all about 'Gregory's Girl', a record of first love

Hardeep Singh Kohli

For me, it is all about 'Gregory's Girl', a record of first love
Christian Louboutin: 'I don't think comfort equals happiness'

Christian Louboutin interview

'I don't think comfort equals happiness'
Happy birthday, Hotel Babylon!

Happy birthday, Hotel Babylon!

Hollywood's home to the A-list celebrates 100 years of discreet luxury
Rupert Cornwell: Low-rise capital could finally reach for the sky

Rupert Cornwell: Out of America

Low-rise capital could finally reach for the sky
The secret life of the red carpet

The secret life of the red carpet

As Cannes reaches its climax with the Palme d'Or and the celebrities gather in London for the Baftas tonight, Kate Youde and Jack Dean investigate the real star of the show
It's not easy being Professor Green: The rapper, the heiress and a drama made in Chelsea...

It's not easy being Professor Green

The rapper, the heiress and a drama made in Chelsea...
Hardcore, hard-wired: How the prevalence of porn is changing our everyday lives

How porn is changing our lives

It's everywhere - from pop videos to fashion magazines to the theatrical stage.
River Phoenix: the final reel

River Phoenix: the final reel

Twenty years after the actor's death, his last film is to be released
Facebook: The shares shenanigans

Facebook: The shares shenanigans

Investors are crying foul over the huge losses they incurred when the social network site floated on the stock market last week