Exclusive: Soros' son strikes out on his own
By Jennifer Ablan and Matthew Goldstein
NEW YORK (Reuters) - The upheaval within billionaire investor George Soros' firm continues as one of his sons is separating some of his personal fortune to manage it himself.
Jonathan Soros, who stepped down in September from day-to-day management of Soros Fund Management LLC, plans to hire at least one of his father's key employees, say two people familiar with the situation.
The two sources said Soros' son intends to set up his own family office - something the Soros Fund converted to last year - with the help of David Kulsar, currently chief risk officer for the Soros Fund.
"Jonathan wants to manage some of his own money so the (Soros Fund) family office has made that accommodation for him," said a source familiar with the situation but who was not authorized to discuss the matter.
Jonathan Soros, who was a law clerk for a federal judge before joining with his brother Robert in 2002 to oversee the management of Soros Fund, did not return calls or emails seeking comment. He currently is a senior fellow with the Roosevelt Institute, a liberal think tank group in New York.
Kulsar, who also did not return a phone call seeking comment, worked in risk management for John Meriwether's JWM Partners before joining the Soros Fund. Meriwether founded Long-Term Capital Management, the hedge fund whose collapse in 1998 sparked fears of a financial crisis.
YEAR OF CHANGE
There's no indication of a family feud between father and son - Jonathan Soros continues as chairman of his father's foundation. But the move comes after a year of a big changes and significant losses at the $25 billion firm founded by the elder Soros, a wealthy liberal philanthropist who rose to investing fame on his big bet against the British pound. Continued...