LEGEND

KNOWN AS “ THE MAN WHO BROKE THE BANK OF ENGLAND "

Born in Budapest , Hungary , in 1930 , Soros and his family endured Nazi Germany ’ s occupation of his homeland and survived the city ’ s deadly siege in 1945 . Two years later , he became a student at the London School of Economics and eventually graduated with a BSc ( 1951 ) and MSc ( 1954 ), both in Philosophy , and later received a DPhil from the University of London .

Writing to every merchant bank managing director in London and getting only “ one or two replies ”, Soros began his financial career at Singer & Friedlander in 1954 . This was soon followed by F . M . Mayer in New York ( 1956 ) and many others . By 1969 he had founded Double Eagle , a hedge fund , and then in 1970 he used the profits to create his own investment management firm , Soros Fund Management .

Double Eagle was later renamed Quantum Fund in 1973 . At the time of its creation , the fund managed assets valued at $ 12m . In 2013 it generated $ 5.5bn , bringing its overall fund generation to $ 40bn and securing its position as the most successful hedge fund ever .

Not just a hugely successful businessman , Soros is also a notable philanthropist whose Open Society Foundation has donated more than $ 12bn to numerous causes . In particular , he favours initiatives aimed at reducing poverty , increasing transparency , and funding university education through scholarships .

Interestingly , his diverse range of public interests doesn ’ t stop there : in the late 80s to early 90s , Soros made it a personal mission to hasten the fall of communism in the Eastern Bloc . He did this by encouraging the flow of ideas and scientific research between Soviet countries and the rest of the world . Following the Soviet Union ’ s formal dismantling in 1991 , Soros ’ continued funding has been a bedrock for those rebuilding their societies ever since .

It is the sheer breadth and depth of Soros ’ contribution to modern finance that we celebrate him in this issue as our first ‘ Legend ’. Though the mechanics of his success can be found in the careers of other leading figures , few command such thorough industry expertise , prescient market insight and sociopolitical influence .

16 March 2021