Capital Allocators – Inside the Institutional Investment Industry CIO Greatest Hits: Single Family Offices – Dawn Fitzpatrick (Soros)
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Jul 28, 2025 
Dawn Fitzpatrick, the CIO of Soros Fund Management, shares her insights on investment strategies as she dives into the contrasting approaches of family offices. She discusses how Soros relies heavily on internal teams, while Willett Advisors leans towards external partnerships. Fitzpatrick reflects on her journey from a Citibank internship to leading hedge fund initiatives, emphasizing the importance of team communication and innovation. The conversation also touches on adapting investment strategies during market challenges and the significance of maintaining a competitive edge.
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Early Trading Pit Experience
- Dawn Fitzpatrick began her career trading in the pits of the American Stock Exchange and CBOE during the early 90s.
- She learned teamwork, market momentum, and the importance of proving utility in a competitive trading environment.
1994 Peso Devaluation Impact
- Dawn experienced firsthand the devastating peso devaluation of 1994 while trading Mexican ADRs.
- She saw the risk and opportunity sides, watching how traders were devastated but also how survivors capitalized afterward.
Hedge Fund Strategy and Crisis Navigation
- O'Connor's hedge fund aimed for returns uncorrelated with natural risk assets holding high liquidity for nimbleness.
- They achieved low to mid-teens returns, navigating the 2008 financial crisis by minimizing risks and exploiting dislocations.