Hedge funds involved in international trading
The Quantum Group of Funds are privately owned hedge funds based in London , New York , Curaçao (Kingdom of the Netherlands ) and Cayman Islands . They are advised by George Soros through his company Soros Fund Management . Soros started the fund in 1973 in partnership with Jim Rogers .[citation needed ]
In 1987, the funds lost $800 million on Japanese stocks shortly before the October 19, 1987 stock market crash .[ 1]
In 1992, on what became known as Black Wednesday , Soros' lead fund, Quantum Fund, became famous for profiting from the devaluation the pound when the currency left the Exchange Rate Mechanism . Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the British currency would drop in value, netting him a profit of $1 billion.[ 2] In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies .[ 3]
On February 14, 1994, the funds had a major loss of $600 million in one day betting against the Japanese yen .[ 1]
The fund lost US$2 billion in investments in Russia during the 1998 Russian financial crisis .[ 4]
In July 2011, to avoid having to register with the SEC [ 5] and comply with reporting requirements under the Dodd-Frank reform act , the Quantum Fund announced they would be turning the fund into a family investment group and returning all outside money to investors by the end of 2011.[ 6] The fund is now managing Soros' family money as well as working with retail investors.[ 7]
See also
References
^ a b "Money Speculator Soros Weathers $600-Million Blow : Currency: The widely watched billionaire, who manages the international Quantum Group funds, appears to have shaken off the rumors that he is in financial trouble" . Los Angeles Times . 7 March 1994. Retrieved 23 October 2021 .
^ Niall Ferguson : The Ascent of Money . A Financial History of the World. Penguin Books, London 2009, ISBN 978-0-14-103548-2
^ David Serchuk (April 13, 2007). "Burma's Billionaire" . Forbes .
^ Gretchen Morgenson. (Aug. 27, 1998). Soros's Quantum Fund Losses in Russia Put at $2 Billion , New York Times .
^ "George Soros closes funds: the letter in full" . Telegraph.co.uk . Retrieved 2017-08-02 .
^ McCrum, Dan (27 July 2011). "Soros to close Quantum fund to outsiders" . Financial Times . Archived from the original on 18 December 2017. Retrieved 2017-08-02 .
^ Mark DeCambre (February 10, 2014). "George Soros's fund killed it in 2013, but most hedge funds didn't" . Quartz (publication) .
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