George Soros, the 74-year-old hedge fund manager, has moved to break up his $13bn (€11bn) alternative investment business. Soros Fund Management managed more than $20bn at its height in the early 1990s

Soros told investors he had decided to separate his hedge fund management operation, responsible for the $8bn Quantum Endowment Fund, and the property, credit and private equity businesses which until now have been part of Soros Fund Management.