Quantum Group of Funds

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Quantum Group of Funds

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. The shareholders of the funds are not publicly disclosed although it is known that the Rothschild family and other wealthy Europeans put $6 million into the funds in 1973.[1]

In 1992, the lead fund, Soros' Quantum Fund, became famous for 'breaking' the Bank of England, forcing it to devalue the pound. Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the British currency would drop in value, a coup that netted him a profit of $1 billion,[2] also known as Black Wednesday. In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies.[3]

In 1998, the fund lost 2 Billion dollars in investments in Russia.[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]

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References[edit]

  1. ^ "Quantum Funds Online". 2009-04-19. Archived from the original on 2009-04-19. Retrieved 2020-06-07.
  2. ^ Niall Ferguson: The Ascent of Money. A Financial History of the World. Penguin Books, London 2009, ISBN 978-0-14-103548-2
  3. ^ David Serchuk (April 13, 2007). "Burma's Billionaire". Forbes.
  4. ^ Gretchen Morgenson. (Aug. 27, 1998). Soros's Quantum Fund Losses in Russia Put at $2 Billion New York Times.
  5. ^ "George Soros closes funds: the letter in full". Telegraph.co.uk. Retrieved 2017-08-02.
  6. ^ 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.
  7. ^ 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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