Stanley Druckenmiller, the hedge fund manager known for making the bet that helped George Soros “break the pound”, announced his retirement yesterday, saying he was disappointed in his performance during this year’s market volatility.
For decades, Mr Druckenmiller, 57, ranked among the world’s most successful macro hedge fund managers – who seek to profit from long-term economic trends – and his retirement could signal a parade of similar departures.
“This should have been a great year for macro,” says Dino Kos, who formerly ran the foreign exchange desk and headed market operations at the New York Federal Reserve Bank. “The swings and the volatility have been very painful. Stan’s retirement is the end of an era.”
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