Davos: George Soros retires
Hungarian-born US hedge fund pioneer George Soros (pictured) announced that he is giving up investing, handing over his family funds to the fims CIO Scott Bessent.
The 84 year old has already ceased to manage clients money in 2011, speaking at the World Economic Forum in Davos, he reportedly said: ‘I have retired many times before but this time it’s final.’
Since the 1970s, Soros founded several hedge funds, he became famous by short selling punds during the 1992 UK currency crisis known as Black Wednesday, making a profit of £1bn.
During his recent speech at Davos, Soros also warned that the ECB’s QE programme would reinforce inequality. He reportedly criticized “an excessive reliance on monetary policy”, highlighting that it enriches owners of property without lifting the downward pressure of wages.