Stanley Druckenmiller to close Duquesne Capital Management

20 August 2010

Duquesne Capital Management is to be wound up due to its recent performance, top hedge fund manager Stanley Druckenmiller has announced.

Stanley Druckenmiller, who worked with George Soros in making a series of trades against sterling in 1992, has announced his retirement from the financial services industry after 30 years in the business.

In a letter to clients, Mr Druckenmiller stated that, despite the fund’s years of positive annual performance, “the disappointment of each interim drawdown” was having an impact on his enthusiasm to remain in the industry.

He wrote: “I continue to care deeply about performing for our clients, and the stress of performing in a way that I consider to be disappointing – even if you do not share that view – persists in exacting a high emotional toll, with the result that I have concluded that this change is necessary.”

The executive also said that he left Soros Fund Management as, in his view, the responsibility of managing a large amount of capital was having a negative impact on his performance and his well being.

According to reports, once funds have been returned to investors in Duquesne Capital Management, other fund managers may opt to set up their own hedge fund.

By Jim Ottewill

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