George Soros is not one to sit on his laurels. He is constantly testing financial market and regulatory winds and planning his next moves based on which way he believes the winds are blowing. Soros is also known to be fiercely loyal to friends and long-time colleagues. That why it’s not too surprising to hear that Soros Fund Management has named Ted Burdick the new CIO following Scott Bessent’s departure.
Carlson Capital's Black Diamond Arbitrage Partners fund added 1.3% net fees in the first quarter of 2021, according to a copy of the firm's March 2021 investor update, which ValueWalk has been able to review. Q1 2021 hedge fund letters, conferences and more At the end of the quarter, merger arbitrage investments represented 89% of Read More
According to CIO, the appointment of Burdick as CIO was announced in a letter sent to Soros family office employees. Burdick has been working for George Soros since 2000, when he came on board as an analyst. Until accepting the CIO position, Burdick managed the distressed debt and arbitrage groups for the $30 billion Soros fund.
Ted Burdick is taking over from Scott Bessent, who said he was leaving Soros to launch his own hedge fund this summer after serving for four years as CIO. The new fund is called Key Square Group, and it began operations on the first of the year with $2 billion from Soros, and is on track for an AUM of $4.5 billion by the end of the first quarter.
Of interest, the current Soros fund family office operation was a hedge fund until 2011, when it closed to outside investors for tax purposes.
Exec headhunter opines on new Soros CIO Ted Burdick and choosing a family office chief investment officer
Renee Neri, who is a principal at exec headhunter Heidrick & Struggles, emphasizes that the investment style of a family office has a major impact on the choice of CIO candidates.
“Given the platform, [at Soros Fund Management] one would need a CIO who deeply understands operating in a hedge fund-like environment,” Neri explained.
CIO positions at family offices like George Soros can be highly competitive with many top notch candidates, depending on the firm, Neri says.
“Typically it’s dictated by the family, who the principal is, if it’s someone who has a marquee name, someone who is exceedingly respected, if they’ve done interesting things—typically, that draws a lot more attention,” she noted. “The reputation of the office itself and the family, whether it’s been a stable environment—that is another factor people think about when they’re thinking about family office CIO roles.”