August 18, 2010 / 3:51 PM / in 8 years

Duquesne's Druckenmiller says retiring after 30 years

NEW YORK, Aug 18 (Reuters) - Stanley Druckenmiller, a key player in George Soros’ famous bet against the British pound that earned him $1 billion, said he is closing his firm after 30 years.

In a letter sent to his 100-plus investors on Wednesday, Druckenmiller, chief executive officer of Duquesne Capital Management, said “competing in the markets over such a long timeframe imposes heavy personal costs.”

His Duquesne Capital Management, which oversees $12 billion and has never had a losing year, is down 5 percent in 2010.

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