June 26 (Reuters) - Robert Soros, the eldest son of George Soros, is stepping down as deputy chairman and president of Soros Fund Management, Bloomberg reported on Monday.
Robert Soros, 53, will remain an owner at the firm and will continue to be involved in its strategic long-term planning, Bloomberg reported.
He will set up Soros Capital, which will look at illiquid investments including venture capital, according to the report.
"As opposed to the past when everything was under one umbrella and under the strong force of the patriarch, Soros Fund Management will now transition to a model that provides customized solutions for the different needs of the Soros family and the Soros foundation clients," he told Bloomberg in a telephone interview. bloom.bg/2sdASbi
David Milich, who joined Soros four years ago as chief operating officer, will take over Robert’s management duties, Bloomberg reported.
Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila