Soros Son Splits Wealth Share For New Family Office - Report

Eliane Chavagnon

2 April 2012

Johnathan Soros - the son of George Soros - who left his post in the day-to-day management of Soros Fund Management last September, is to take reign over some of his fortune at the firm, with the intention of establishing his own family office, according to Reuters.

As part of the move, Soros reportedly plans to hire “at least one of his father's key employees,” as cited by two people familiar with the situation. The two sources said he intends to set up his own family office with the help of David Kulsar, who is currently chief risk officer for the Soros Fund. Reuters said the pair did not return phone calls seeking comment on the matter.

There is “no indication of a family feud between father and son,” as Jonathan Soros continues as chairman of his father's foundation; the developments are part of an “ongoing series of structural changes” as the Soros fund evolves as a family office, Reuters cites one of the sources as saying.

Additionally, the firm’s primary investment portfolio – the Quantum Fund – declined by about 15 per cent last year, according to two people familiar with the fund’s performance but who did not wish to be identified.