Soros Fund Management, LLC is a private American investment management firm. It is currently structured as a family office, but formerly as a hedge fund. The firm was founded in 1970 by George Soros and, in 2010, 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. It is headquartered at 250 West 55th Street in New York. Overview Soros Fund Management is the primary adviser for the Quantum Group of Funds; a family of funds dealing in international investments. The company invests in public equity and fixed income markets worldwide, as well as foreign exchange, currency, and commodity markets, and private equity and venture capital funds. The company is reported to have large investments in transportation, energy, retail, financial, and other industries. Robert Soros stepped down as deputy chairman and president in June 2017. David Milich assumed most of his duties. In 2017, Dawn Fitzpatrick replaced Ted Burdick as Chief Investment Officer. In the 2016 election cycle, Soros Fund Management donated over $10 million to Hillary Clinton's presidential campaign through super PACs. History The company was founded by George Soros and his former business partner Jim Rogers in 1970. Prior to starting the business Soros and Rogers worked together at the investment bank Arnhold and S. Bleichroder. 1992 to 2007 In the week leading up to September 16, 1992 or "Black Wednesday," Quantum Funds earned $1.8 billion by shorting British pounds and buying German marks. This transaction earned Soros the title of "the Man Who Broke the Bank of England". On the other hand, British government policy in the period before the ejection of the pound sterling from the Exchange Rate Mechanism of the European Monetary System had been widely criticised for providing speculators with a one-way bet. In 2000, the Quantum Fund lost its position as the largest hedge fund in the world when its assets under management changed $10 billion to $4 billion in about a year's time. The fund's losses were a result of investments in technology stocks. That year, CEO Duncan Hennes, and the managers of the Quantum Fund, Stanley Druckenmiller, and Quota Fund, Nicholas Roditi, resigned. The restructuring of Soros Fund Management was announced in a shareholder letter that outlined its plan to merge the Quantum Fund with the Quantum Emerging Growth Fund to form the Quantum Endowment Fund.