The Quantum Group of Funds are privately owned

hedge fund A hedge fund is a Pooling (resource management), pooled investment fund that holds Market liquidity, liquid assets and that makes use of complex trader (finance), trading and risk management techniques to aim to improve investment performance and ...

s based in

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

New York New York most commonly refers to: * New York (state), a state in the northeastern United States * New York City, the most populous city in the United States, located in the state of New York New York may also refer to: Places United Kingdom * ...

Curaçao Curaçao, officially the Country of Curaçao, is a constituent island country within the Kingdom of the Netherlands, located in the southern Caribbean Sea (specifically the Dutch Caribbean region), about north of Venezuela. Curaçao includ ...

(

Kingdom of the Netherlands The Kingdom of the Netherlands (, ;, , ), commonly known simply as the Netherlands, is a sovereign state consisting of a collection of constituent territories united under the monarch of the Netherlands, who functions as head of state. The re ...

) and

Cayman Islands The Cayman Islands () is a self-governing British Overseas Territories, British Overseas Territory, and the largest by population. The territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located so ...

. They are advised by

George Soros George Soros (born György Schwartz; August 12, 1930) is an American investor and philanthropist. , he has a net worth of US$7.2 billion, Note that this site is updated daily. having donated more than $32 billion to the Open Society Foundat ...

through his company

Soros Fund Management Soros Fund Management is a privately held American investment management firm. It is currently structured as a family office, but formerly was a hedge fund. The firm was founded in 1970 by George Soros and, in 2010, was reported to be one of th ...

. Soros started the fund in 1973 in partnership with

Jim Rogers James Beeland Rogers Jr. (born October 19, 1942) is an American investor and financial commentator based in Singapore. He is the chairman of Beeland Interests, Inc. He was the co-founder of the Quantum Fund and Soros Fund Management. He was a ...

. In 1987, the funds lost $800 million on Japanese stocks shortly before the October 19, 1987 stock market crash. In 1992, on what became known as

Black Wednesday Black Wednesday, or the 1992 sterling crisis, was a financial crisis that occurred on 16 September 1992 when the UK Government was forced to withdraw sterling from the (first) European Exchange Rate Mechanism (ERMI), following a failed at ...

, Soros' lead fund, Quantum Fund, became famous for profiting from the devaluation of the

pound Pound or Pounds may refer to: Units * Pound (currency), various units of currency * Pound sterling, the official currency of the United Kingdom * Pound (mass), a unit of mass * Pound (force), a unit of force * Rail pound, in rail profile * A bas ...

when the currency left the

Exchange Rate Mechanism The European Exchange Rate Mechanism (ERM II) is a system introduced by the European Economic Community on 1 January 1999 alongside the introduction of a single currency, the euro (replacing ERM 1 and the euro's predecessor, the ECU) as ...

. Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the

British British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture ...

currency would drop in value, netting him a profit of $1 billion. In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies. On February 14, 1994, the funds had a major loss of $600 million in one day betting against the

Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro. Th ...

. The fund lost US$2 billion in investments in Russia during the

1998 Russian financial crisis The Russian financial crisis (also called the ruble crisis or the Russian flu) began in Russia on 17 August 1998. It resulted in the Russian government and the Russian Central Bank devaluing the Russian rouble, ruble and sovereign default, defau ...

. In July 2011, to avoid having to register with the SEC 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. The fund is now managing Soros' family money as well as working with retail investors.

References

External links

Quantum Group of Funds
''(Archived)''. {{George Soros Hedge fund firms George Soros

See also

References

External links