Billionaire George Soros arms management of empire to son: WSJ By Reuters

© Reuters. A file photograph of billionaire investor George Soros on the Schumpeter Award ceremony in Vienna, Austria. June 21, 2019. REUTERS/Lisi Niesner

June 11 (Reuters) – Billionaire financier George Soros instructed The Wall Avenue Journal in an interview printed on Sunday that he would hand over management of his huge empire to his son Alexander Soros.

Soros, 92, a hedge fund supervisor turned philanthropist and robust supporter of liberal causes, stated he initially didn’t need his Open Society Foundations (OSF) to go into the arms of one in every of his 5 kids.

Nevertheless, Soros stated of his determination at hand over the muse and the remainder of his $25 billion empire to his 37-year-old son Alexander, often called Alex: “He earned it.”

In an interview with the newspaper, Alex stated he was extra “political” than his father and plans to proceed donating household cash to help left-wing US candidates.

“As a lot as I like to get cash out of politics, so long as the opposite aspect does it, now we have to do it,” he stated.

The OSF Board of Trustees elected Alex as chair in December, and he now additionally directs political actions as chair of Soros’ political motion committee.

The muse allocates $1.5 billion a 12 months to teams around the globe that defend human rights and assist construct democracies, the newspaper stated.

(Reporting by Rami Ayyub; Modifying in Spanish by Carlos Serrano)