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Fitzpatrick will remain in her position at UBS Asset Management
until the end of March, according to an internal UBS memorandum
seen by Reuters. She oversees equity and multi-asset
investments, as well as managing an internal hedge fund unit
called O'Connor.
An announcement on succession plans will come later, the memo
said.
Michael Vachon, the Soros spokesman, declined to comment beyond
confirming the move. Peter Stack, a spokesman for UBS, declined
to comment. Fitzpatrick did not immediately respond to a message
left with her assistant. The move was previously reported by The
New York Times.
Soros, 86, became one of the world's wealthiest people by
managing hedge funds. But he now mostly spends his time on
philanthropy and political activism. He has an estimated net
worth of approximately $25 billion, according to Forbes.
Ted Burdick, the former CIO of Soros, stepped down from the
position last year after eight months. He had replaced Scott
Bessent, who left after four years as CIO to launch his own
hedge fund firm.
Fitzpatrick began her career with O'Connor & Associates in 1992
and rose to lead the hedge fund manager by 2007.
(Reporting by Lawrence Delevingne; Editing by Lauren Tara
LaCapra and Dan Grebler)
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