Noted money manager Stanley Druckenmiller is shutting down his investment advisory firm Duquesne Capital Management, after 30 years.
Druckenmiller, 57, told
Druckenmiller, who gave
“Managing more than $10 billion seems to challenge my long-term standard” for investment performance, Druckenmiller told Bloomberg. “For 30 years I’ve been responsible for managing client money and it’s been a joy, but at some point I need to move on. Thirty years is enough.”
While not a household name, he is known for a particular event: generating $1 billion for George Soros by forcing a devaluation of the British pound in 1992.
Duquesne returned about 11 percent in 2008, when hedge funds on average lost a record 19 percent, and rose about 10 percent in 2009, when the average gain was 20 percent.
Druckenmiller began his financial career in 1977 as a management trainee at Pittsburgh National Bank and subsequently worked at Dreyfus Corp.
Last year, he gave $705 million to a foundation that supports medical research, education, and antipoverty charities.
A Bloomberg interview with Druckenmiller can be