Soros moves bulk of wealth to his foundation

Billionaire Democratic donor George Soros has moved $18 billion to his foundation, infusing Open Society Foundations with the bulk of his fortune, The Wall Street Journal reported Tuesday.

The financial move has led Open Society to jump up the list of philanthropic organizations, becoming the country’s second largest in assets after the Bill and Melinda Gates Foundation, the report highlighted, citing 2014 figures from the National Philanthropic Trust.

Soros, who amassed one of the largest fortunes in the world through a series of trades, will continue to have a powerful role as chairman of the firm’s investment committee.

{mosads}Despite his top role at the company, sources familiar with the move told the newspaper that Soros Fund Management LLC is meant to outlast the 87-year-old founder.

The billions now belong to Open Society, sources familiar with the situation told the Journal.

“It’s an ongoing process of migration from a hedge fund toward a pool of capital deployed to support a foundation over the long term,” Bill Ford, a committee member, told the paper.

The company has recently changed the chain of command so that the new chief investment officer at the Soros firm now reports to the philanthropy’s investment panel rather than Soros, according to the report.

Open Society’s activism reaches both across the U.S. and overseas.

Soros, who first began his philanthropic giving in 1979, is known to be a large donor to Democratic and liberal causes, including efforts to address criminal justice reform and immigration policies.

In the 2016 presidential election, Soros supported Democratic nominee Hillary Clinton while speaking out against then-GOP nominee Donald Trump.

During that time, he financially supported Latino get-out-the-vote efforts as well as Democratic district attorney candidates throughout the nation.

A foundation spokeswoman told the Journal that together Soros and Open Society have given $14 billion to different causes.

Soros declined the paper’s request for an interview about the move.