Family Offices Are Making Money From Brexit

Millions of dollars may have been knocked off the paper fortunes of billionaires, but there’s some family offices that are cashing in from the turmoil unleashed by Brexit. Look no further than the former hedge funds that have been converted into family offices to see who’s making serious money. Those family offices that took short positions on European bank stocks and sterling before the UK referendum on June 23 have been big winners. These include George Soros, whose family office, Soros Fund Management, shorted shares in Deutsche Bank last Friday, according to a regulatory filing. Deutsche Bank’s share price fell rapidly on Friday, at one point by 13% from its high.