Soros's One-Time Investment Chief Burdick Is Said to Leave
Ted Burdick, who once was investment chief for George Soros, left the $25 billion family office after 18 years.
(Bloomberg) -- Ted Burdick, who once briefly served as investment chief for George Soros, left the $25 billion family office after 18 years working with the billionaire.
Burdick departed Soros Fund Management last week, according to people with knowledge of the matter, who asked not to be named because the information is private. He was chief investment officer at Soros for eight months before stepping down from the role in 2016. After being replaced by Dawn Fitzpatrick, Burdick stayed on running credit portfolios at the New York-based firm.
A Soros veteran, Burdick had a variety of roles during his tenure. He was at one time the head of distressed debt and arbitrage groups before being promoted to CIO in January 2016, succeeding Scott Bessent.
Burdick declined to comment when reached by phone, as did Michael Vachon, a spokesman for Soros Fund Management.
Burdick has been associated with Soros for about 18 years, and sat on the investment committee at the time of his promotion to CIO. A 1992 graduate of Princeton University with a degree in economics, he started out at Bankers Trust, where he worked in high-yield corporate finance and proprietary trading. He joined Soros in April 2000 and left five years later to join Camulos Capital, a firm that managed money for Soros and others. He returned to Soros in 2010.
After Burdick was promoted in 2016, Soros lost several macro managers. They parted ways with the firm after disagreeing with Burdick over the direction of global markets, Bloomberg reported at the time. Soon after, Burdick stepped down from his CIO role and was replaced by Fitzpatrick, who Soros hired from UBS Asset Management.
Burdick was the sixth CIO to hold the job since Soros decided to scale back risk following the departures of traders Stan Druckenmiller and Nicholas Roditi in 2000. Other head investors were former Maverick Capital principal Robert Bishop, ex-Goldman Sachs Group Inc. partner Jacob Goldfield, Soros’s son Robert Soros and BlackRock Inc. co-founder Keith Anderson.
Separately, money managers Chris Gaulin and Ilan Stern also recently left Soros Fund Management, the people said. Messages left on their office phones weren’t immediately returned.
--With assistance from Max Abelson and Katherine Burton.
To contact the reporter on this story: Saijel Kishan in New York at skishan@bloomberg.net
To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Alan Mirabella, Melissa Karsh
©2018 Bloomberg L.P.