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(Bloomberg) -- George Soros tapped Dawn Fitzpatrick from UBS Asset Management to oversee his $25 billion family office, replacing Ted Burdick just a year after he stepped into the role, according to people familiar with the matter.

Fitzpatrick, 46, was global head of equities, multi-asset investing and the O’Connor hedge fund unit at UBS’s money management arm. She’ll be the first woman to hold the CIO role at Soros Fund Management, which is among the largest family offices in the U.S.

The move marks the seventh time Soros has appointed a new chief investment officer since the billionaire philanthropist decided to scale back risk following the departures of star traders Stanley Druckenmiller and Nicholas Roditi in April 2000. Last January, Burdick replaced Scott Bessent, who oversaw investments for four years before leaving at the end of 2015 to start his own hedge-fund firm. Since then, Soros has become more involved in day-to-day trading at his family office, taking a series of bearish bets. The firm returned about 5 percent in 2016, a person with knowledge of the matter said.

Fitzpatrick joined O’Connor’s predecessor firm as a clerk on the American Stock Exchange after graduating from the University of Pennsylvania’s Wharton School in 1992. She rose to lead the business in 2013, and two years later she was promoted to run a new unit that would combine the hedge fund operations with equities and multi-asset investing at UBS’s $645 billion money management business.

While Fitzpatrick’s expertise isn’t in macro investing, people familiar with the firm say her experience with asset-allocation will be a good fit for the family office, which funds Soros’s Open Society Foundations.

Burdick will return to managing credit investments at the firm. He had been associated with Soros for more than 15 years, and sat on the investment committee at the time of his promotion. A 1992 graduate of Princeton University with a degree in economics, he started his career at Bankers Trust, where he worked in high-yield corporate finance and proprietary trading. He started at Soros in April 2000 and left in 2005 to join Camulos Capital, a firm that managed money for Soros and others. He re-joined the family office in January 2010.

(Updates with details on appointment in third paragraph.)

To contact the reporters on this story: Katherine Burton in New York at kburton@bloomberg.net, Katia Porzecanski in New York at kporzecansk1@bloomberg.net. To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Josh Friedman, Dan Reichl

©2017 Bloomberg L.P.

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