Soros Fund Management

Quantum Fund is an association founded by George Soros in 1969 hedge funds.

By 1992, largely unknown, Quantum Fund was announced by speculation based on the Global Macro strategy against the overvalued British pound. Through a tactical sales of 10 billion pounds, mainly against the German mark and the French franc, the British central bank Bank of England the fixed exchange rates of the British pound was no longer in a position to exchange market intervention to maintain against the currencies of the other EMS members. On September 16, 1992, the Bank of England was forced to devaluate the pound sterling - the sterling crisis. After the devaluation of the Quantum Fund was able to buy back the borrowed British pound at a lower price. The successful bet against the British pound the Quantum Fund recorded a profit of 1 billion U.S. dollars within a week. This trade made ​​the Quantum Fund Known worldwide as a consequence Great Britain abandoned the fixed exchange rates and exiting the European Monetary System.