Quantum Group of Funds
The Quantum Group of Funds are privately owned hedge funds based in Curaçao (Kingdom of the Netherlands) and Cayman Islands. They are advised by George Soros through his company Soros Fund Management. Soros started the fund in 1973 in partnership with Jim Rogers. Wealthy Europeans put $6 million into the funds in 1969.
In 1992, the lead fund, Soros' 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, also known as Black Wednesday. In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies.
In July 2011, to avoid having to register with the SEC and comply with reporting requirements under the Dodd-Frank reform act, the Quantum Fund announced they would be turning the fund into a family investment group and returning all outside money to investors by the end of 2011. The fund is now exclusively managing Soros' family money.
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