Soros 'made dollars 650m last year'

Click to follow
The Independent Online
NEW YORK - George Soros made more in financial markets last year than anyone ever has, topping even the dollars 550m Michael Milken made at the height of his market- moving career with Drexel Burnham in 1985, writes Larry Black.

Mr Soros, gambling dollars 800m of his own capital as part of his funds' risky market wagers, made at least dollars 650m in profits and management fees last year, according to a survey of Wall Street winnings by the American magazine Financial World.

His nearest rival was another hedge fund manager, Michael Steinhardt, who earned at least dollars 250m, followed by other well- known Wall Street investment managers, including Bruce Kovner of Caxton Corp, Paul Tudor Jones and the partners of Tiger Management.

Mr Soros's associates also did well, thanks to his funds' 45 to 80 per cent returns in 1992. His chief strategist, Stanley Druckenmiller, made at least dollars 110m, and half a dozen other senior executives split another dollars 50m. Mr Steinhardt's top executives earned a total of at least dollars 42m, excluding his own share.

Deal-makers and buyout specialists figured well down the Financial World 100, led by Kohlberg Kravis Roberts, whose half- dozen principals shared dollars 118m in 1992.

Profits on Wall Street were so easy to come by in 1992 than even big brokerage firm executives made it into the ranking.