via Zerohedge:
Being a Chief Investment Officer at Soros Fund Management, the $26 billion family office run by billionaire George Soros who reportedly lost $1 billion following the Trump election as a result of bearish market bets, is not easy: recall that in August of 2016, Ted Burdick, the former CIO and veteran Soros employee, stepped down after just 8 months in the position but remained at the firm running the firm’s credit portfolio. The transition took place at a time when Soros was said to have returned to an active fund management role, putting in place “big, bearish bets.” Getting replaced as CIO by UBS asset manager Dawn Fitzpatrick, probably did not boost his ego.
So, after a tenure of some 18 years, having started working for George Soros back in 2000, Burdick, one of the most recognizable Soros lieutenants, has decided to call it a day and according to Bloomberg , quit Soros Fund Management last week.
Before his brief tenure as CIO in 2016, succeeding Scott Bessent, Burdick held a variety of roles including head of distressed debt.
Some highlights from Burdick’s career, via Bloomberg: 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.
One reason why Burdick failed to stick at the top and may ultimately have left, is because as Bloomberg reported at the time, when he was promoted to CIO in January 2016, the firm lost several macro fund managers, who parted ways with the firm after disagreeing with Burdick over the direction of global markets. Soon after, Burdick stepped down from his CIO role and was replaced by Fitzpatrick.
Considering that Soros lost roughly $1 billion following the Trump rally in late 2016, just as Soros was turning apocalyptic, one wonders how long before the female CIO also get the boot.
If she quits, she would be the seventh CIO to hold the job since Soros decided to scale back risk following the departures of traders Stan Druckenmiller and Nicholas Roditi in 2000. Burdick was the 7th. Other prominent Soros CIO 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.
h/t Voluntaryist