NEW YORK (
) -- 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,
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
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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