George Soros says goodbye to hedge fund career

George Soros

George Soros

Billionaire George Soros is to retire from his lengthy hedge-fund career.

Nearly 20 years after he made some £1 billion betting against the Bank of England on Black Wednesday, the 80-year-old businessman has decided to retire, save for the management of personal assets.

Mr Soros, who was born George Schwartz in Budapest, survived the Holocaust by hiding with a non-Jewish family. He moved to the United States in 1956 and started his career at the Wall Street firm FM Mayer. He launched his own firm 17 years later.

Regularly named as one of the world's richest people, he was number 46 on this year's Forbes list of billionaires.

He also appeared at the top of an annual ranking of the most generous American philanthropists in February; unsurprising given that he is estimated to have given away more than $4.8 billion.

A prominent supporter of left-wing causes, Mr Soros pledged £65 million to Human Rights Watch last year and is also a backer of the doveish J-Street lobby group.

Last updated: 11:28am, July 27 2011