TITLE

SOROS: MIDAS OR MACHIAVELLI?

AUTHOR(S)
Lycett, Andrew
PUB. DATE
July 1993
SOURCE
Accountancy;Jul1993, Vol. 112 Issue 1199, p36
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article profiles George Soros, a Hungarian-born, New York-based financier. His Quantum Fund says much about Soros. He has an alter ego as a Central European intellectual manqué and the fund's name reflects his fascination with the uncertainty principle of quantum mechanics as formulated by the German physicist Werner Heisenberg. Also an enthusiast of chaos theory, Soros was making a point, in naming his fund, about the unpredictability of financial markets. After obtaining his degree, Soros worked briefly for Singer & Friedlander, a merchant bank in London, England. He moved to New York where his mother and father had emigrated in 1957. Soros' break came in 1963 when he was hired by Arnhold and S Bleichroader to advise U.S. institutions on their European investments. He persuaded his employers to start up two offshore funds--the First Eagle Fund in 1967 and the Double Eagle Fund in 1969. In 1979 he first signalled his later philanthropic ventures by setting up--in a tribute to his university teacher--the Open Society Fund, which today oversees his worldwide charitable work from the 19th floor of the same New York building as Soros Fund Management. Soros now has separate foundations assisting progress towards an open society in 18 countries, mainly in Eastern Europe, though the latest is in South Africa.
ACCESSION #
9309290042

 

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