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:
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