Robert Soros, the eldest son of George Soros, is stepping down as deputy chairman and president of Soros Fund Management, a spokesman for the fund told Reuters.

Soros, 53, who will remain an owner at the firm, will set up Soros Capital to look at illiquid investments, including venture capital, the spokesman said.

David Milich, who joined the fund four years ago as chief operating officer, will take over Soros’s management duties.

George Soros, the Hungarian-born founder of Soros Fund Management, known as the man who ‘broke the Bank of England’ by shorting billions of pounds in 1992, promoted Robert Soros as chief investment officer in 2004 after the investment firm suffered churn in its top ranks.

Robert, a literature graduate, stepped down from the role in 2006 and stopped trading for the fund around five years ago but continued to manage his own money.

Soros Fund Management recently boosted its stake in Goldman Sachs Group by nearly 40 percent during the first quarter and bought shares in Snapchat’s parent, Snap.

Source: Investment Cnbc
Soros' son stepping down to set up his own fund