The intention was to transform the Quantum Fund into a "lower-risk, less-speculative fund" administered by an outside adviser. 2008 to 2011 The firm acquired a stake in Lehman Brothers just prior to its failure in 2008. In 2009, Soros Fund Management partnered with six other hedge funds to acquire IndyMac Bank at a cost of $13.9 billion, thereby gaining control of an estimated $160 billion in bank loans, investments and deposits. In 2010, the company was reported to have created $32 billion in profits since 1973, making it one of the top profit making hedge funds in the industry. In 2011, the firm was reported to have $27.9 billion in assets under management and was ranked sixth on Institutional Investor's Hedge Fund 100 list. That same year, the company partnered with Silver Lake Partners and created fund called Silver Lake Kraftwerk whose focus was investing in natural resource and energy companies. In July 2011, the fund announced plans to return just under $1 billion to investors by the end of 2011 to avoid reporting requirements under the Dodd-Frank reform act and to focus on family investments. That month, the company's chief investment officer Keith Anderson, co-founder of BlackRock left the firm. 2012 to 2020 In September 2016, Soros Fund Management advised a private investment fund tied to Quantum Strategic Partners, which injected the bulk of $305 million into SolarCity, producer of solar panels. The flow of cash allowed Elon Musk, chairman of Tesla Motors and SolarCity, to purchase SolarCity and merge it with Tesla. In June 2018, the firm was reported to own 15% of Justify, the horse that won the 2018 Preakness Stakes, Kentucky Derby and Belmont Stakes, through the international breeding and racing operation of SF Bloodstock and SF Racing Group. According to The Wall Street Journal, Soros Fund Management gained 8.9% in 2017 and 0.9% in 2018. In the first quarter of 2019, the fund had gained 1.9%. In May 2019, it was announced that Soros Fund Management had built up a 3% stake in Swiss asset manager GAM. In June 2019 Soros Fund Management led an investment in Vice Media for $250 million. In August 2019, Soros Fund Management increased its stake In Manolete Partners Plc To 11.67%. As of August, 2019, Soros Fund Management's largest holdings were Liberty Broadband, Vici Properties, and Caesars Entertainment. In January 2020, George Soros announced at the World Economic Forum