Stanley Druckenmiller net worth
Stanley Druckenmiller Net Worth: Stanley Druckenmiller is an American hedge fund manager with a net worth of $3.1 billion. Stanley Druckenmiller is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 because he felt he could not generate high returns for his clients.
At closing, Duquesne Capital had more than $12 billion in assets. Stanley Druckenmiller was born on June 14, 1953 in Pittsburgh, Pennsylvania. He grew up in a middle-class family in suburban Philadelphia and graduated from Bowdoin College with a BA in English and Economics. He dropped out of a three-year Ph.D. program in economics at the University of Michigan to accept a position as an oil analyst at the National Bank of Pittsburgh. After a year on the job, he became head of the bank’s equity research group and in 1981 founded his own firm, Duquesne Capital Management. In 1985, he became a consultant to Drefus, traveling between Pittsburgh and New York. He moved to Pittsburgh full-time in 1986, when he was named head of the Dreyfus Fund. He also retains stewardship of Duquesne as part of the agreement with Dreyfus. In 1988 he was hired by George Soros as Victor Niederhoffer of the Quantum Fund. He and Soros had a reputation for “breaking the Bank of England” when they shorted the pound in 1992, making more than $1 billion in profits during the ordeal. It has been calculated that the Bank of England does not have enough foreign reserves to buy enough pounds to prop up the currency and raising interest rates is not politically sustainable. After huge losses in tech stocks, he left Soros in 2000 to focus his full attention on Duquesne Capital. Druckenmiller is a top-down investor who trades in a similar way to George Soros, holding a group of stocks long and a group short, and using leverage to trade futures and currencies.
In 2009, Druckenmiller was America’s most philanthropic person, donating $705 million to foundations supporting medical research, education and anti-poverty causes. He is also the chairman of the board of the Harlem Children’s District, and he and his ex-wife are also major sponsors of the AIDS Walk in New York City. Druckenmiller was married twice. In 1976, he married his high school sweetheart, but the two divorced in 1980. In 1988, Drew Kennyler married Fiona Katherine Biggs, the niece of investor Barton Biggs, and they had three daughters, whom they raised in New York.
