Soros Fund Management has appointed William Stack, former chief investment officer of equities for Dresdner RCM Global Investors, as chief executive officer to the $11.5bn (€12.8bn) hedge fund.

As chief executive, Stack will focus on building up and strengthening the internal fund management capacity of the New York-based hedge fund. He will be in charge of day-to-day operations of Soros Fund Management and will have overall responsibility for the Quantum Endowment Fund.