Longtime hedge fund manager George Soros is backing former First Lady and U.S. Secretary of State Hillary Clinton to run for U.S. president in 2016.
Reuters reported that Soros, also known to many in the hedge fund industry as “The Man Who Broke the Bank of England” for his $1 billion investment profit during the 1992 currency crisis that struck the U.K., donated $25,000 to political action committee Ready for Hillary.
Soros spokesperson Michael Vachon told Reuters that the monetary support by the financier, who is a major Democratic donor, “is an extension of his long-held belief in the power of grassroots organizing.”
Ready for Hillary, which is not affiliated with the Clintons, had raised about $1.25 million as of July and has more than 20,000 donors, including longtime Democratic fundraisers and President Obama supporters.
Soros transitioned his firm, Soros Fund Management, from a hedge fund to a family office in 2011 to avoid registering the firm with the Securities and Exchange Commission.