By Lawrence Delevingne
NEW YORK (Reuters) - UBS Group AG asset management executive Dawn Fitzpatrick is set to become chief investment officer of Soros Fund Management, which controls the fortunes of billionaire philanthropist George Soros, his family and foundations, his spokesman confirmed on Wednesday.
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.