Quantum Group of Funds
Encyclopedia
The Quantum Group of Funds are privately owned hedge fund
s based in Curaçao
(Netherlands Antilles) and Cayman Islands
. They are currently advised by George Soros
through his company Soros Fund Management
. Soros started the fund in the early 1970s along with Jim Rogers
. The shareholders of the funds are not publicly disclosed although it is known that the Rothschild family and other wealthy Europeans put $6 million into the funds in 1969.
In 1992, the lead fund, Soros's Quantum Fund became famous for "breaking" the Bank of England
, forcing it to devalue the pound. Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the British
currency would drop in value, a coup that netted him a profit of $1 billion (see Black Wednesday
). In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies .
In July, 2011, the Quantum Fund announced they would be ending the fund, and will be returning all outside money by the end of 2011. The fund will now exclusively manage Soros' family money.
Hedge fund
A hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
s based in Curaçao
Curaçao
Curaçao is an island in the southern Caribbean Sea, off the Venezuelan coast. The Country of Curaçao , which includes the main island plus the small, uninhabited island of Klein Curaçao , is a constituent country of the Kingdom of the Netherlands...
(Netherlands Antilles) and Cayman Islands
Cayman Islands
The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...
. They are currently advised by George Soros
George Soros
George Soros is a Hungarian-American business magnate, investor, philosopher, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes...
through his company Soros Fund Management
Soros Fund Management
Soros Fund Management LLC is an American, privately held, hedge fund management firm founded in 1969 by George Soros. In 2010 it was reported to be one of the most profitable firms in the hedge fund industry, averaging a 20% annual rate of return over four decades.-Overview:Soros Fund Management...
. Soros started the fund in the early 1970s along with Jim Rogers
Jim Rogers
James Beeland Rogers, Jr. is an American investor, author, and occasional financial commentator. He is currently based in Singapore. Rogers is the Chairman of Rogers Holdings and Beeland Interests, Inc...
. The shareholders of the funds are not publicly disclosed although it is known that the Rothschild family and other wealthy Europeans put $6 million into the funds in 1969.
In 1992, the lead fund, Soros's Quantum Fund became famous for "breaking" the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, forcing it to devalue the pound. Soros had bet his entire fund in a short sale on the ultimately fulfilled prediction that the British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
currency would drop in value, a coup that netted him a profit of $1 billion (see Black Wednesday
Black Wednesday
In politics and economics, Black Wednesday refers to the events of 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism after they were unable to keep it above its agreed lower limit...
). In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies .
In July, 2011, the Quantum Fund announced they would be ending the fund, and will be returning all outside money by the end of 2011. The fund will now exclusively manage Soros' family money.