The Quantum Group of Funds are privately owned hedge funds based in Curaçao (Netherlands Antilles) and Cayman Islands. They are currently advised by George Soros through his company Soros Fund Management. Soros started the fund in 1973 in partnership with Jim Rogers. The shareholders of the funds are not publicly disclosed although it is known that the Rothschild family and other wealthy Europeans put $6 million into the funds in 1969.
In 1992, the lead fund, Soros's 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 (see Black Wednesday). In 1997, Soros was blamed for forcing sharp devaluations in Southeast Asian currencies .
In July, 2011, the Quantum Fund announced they would be ending the fund, and will be returning all outside money by the end of 2011. The fund will now exclusively manage Soros' family money.
Famous quotes containing the words quantum and/or group:
“But how is one to make a scientist understand that there is something unalterably deranged about differential calculus, quantum theory, or the obscene and so inanely liturgical ordeals of the precession of the equinoxes.”
—Antonin Artaud (1896–1948)
“Even in harmonious families there is this double life: the group life, which is the one we can observe in our neighbour’s household, and, underneath, another—secret and passionate and intense—which is the real life that stamps the faces and gives character to the voices of our friends. Always in his mind each member of these social units is escaping, running away, trying to break the net which circumstances and his own affections have woven about him.”
—Willa Cather (1873–1947)