Ex-Soros CIO begins courting capital for new fund

Wed Feb 20, 2013 4:02pm EST
 
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By Katya Wachtel

NEW YORK (Reuters) - Keith Anderson, the former chief investment officer for billionaire trader George Soros' money management firm, is raising money for a new macro hedge fund, according to a person familiar with the firm.

Anderson left Soros Fund Management in June 2011 when the well-known money manager returned $1 billion in cash to outside investors and converted his firm into a family office that now manages $24 billion of money mostly belonging to Soros and his family.

Shortly after leaving Soros' firm, Anderson announced he intended to open a hedge fund but did not begin raising money until recently, said the source familiar with the fund.

Anderson declined to comment through his firm's lawyer.

Before joining Soros Fund Management in 2008, Anderson spent almost 20 years at asset management firm BlackRock BLK.N, which he co-founded.

Anderson's macro-focused fund, which will be based in New York, is looking to raise between $500 million to $1 billion for its launch. Macro hedge funds bet on shifts in the global economy and often specialize in trading commodities, stocks, bonds, currencies and interest rate-related derivatives.

Anderson is opening his fund at a time when that strategy is coming off a rocky year.

Macro funds gained about 2.7 percent last year, when hedge funds on average rose about 6 percent. This year, macro funds are off to a better start. In January macro funds gained about 1.7 percent, according to Hedge Fund Research, trailing the industry average of 2.6 percent.   Continued...

 
Billionaire investor George Soros of Soros Fund Management attends the annual meeting of the World Economic Forum (WEF) in Davos January 26, 2013. REUTERS/Pascal Lauener