Soros Lay Offs ‘Normal Course of Business’

It seems Julian Robertson wasn’t kidding when he said the hedge fund industry is “tough.” Even successful fund manager heavyweights like George Soros have to cut back once in a while.

Soros Fund Management, which became a family office earlier this year after returning outside capital to investors, “has laid off a handful of analysts and portfolio managers,” predominantly stock managers, reports Reuters.

“The moves came after the New York-based fund hired a new chief investment officer, Scott Bessent, in September, and after it closed its doors to outsiders in July by reorganizing into a so-called family office to exclusively oversee the Soros family’s personal fortune.” A spokesman for Soros said that the layoffs were part of the normal course of business.

And, Soros certainly seems to know his business. Soros received the moniker, “The Man Who Broke the Bank of England,” “by earning $1 billion with a bet against the British pound two decades ago.” Today, his fund “is said to be faring relatively well in a down year, is not facing widespread investor redemptions, and is still making bellweather bets.”