George Soros has slashed the amount of money he is willing to gamble on the fortunes of the US stock market in the second quarter as market volatility increased.
By James Quinn
The legendary investor’s Soros Fund Management – which has approximately $25bn (£16bn) under management – reduced its equity investments by 42pc to $5.1bn by the end of June, down from $8.8bn at the end of March.
The asset allocation decisions were made during a period in which the Standard & Poor’s 500 index – the broadest US equity index – fell 12pc.