Hedge Fund Giant Hangs It Up

Duquesne's Druckenmille decides 30 years is enough.
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NEW YORK (

TheStreet

) -- Stanley Druckenmiller, a legendary hedge fund manager famous for big macroeconomic bets, is calling it quits due to an inability to live up to his past performance,

Bloomberg News

reported Wednesday.

The 57 year-old Druckenmiller, head of

Duquesne Capital Management LLC

, said that he was frustrated by an inability over the past three years to match his annual average return of 30% since 1986.

Druckenmiller, who has been a money manager for 30 years, suggested that maintaining that record grew more difficult as he managed an ever-larger pool of assets.

"Managing more than $10 billion seems to challenge my long term standard," he told

Bloomberg

.

Druckenmiller may be most famous in the investing world for a call he made in 1992, while working for George Soros, that the British government would be forced to devalue its currency. That bet made Soros $1 billion, according to published reports.

--

Written by Dan Freed in New York

.

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