Seeing that the pound was overvalued, Soros took a short position that started at $1.5 billion and ultimately reached $10 billion. The British government had to abandon the ERM, at which point the value of the pound plummeted. Soros reportedly made about $1 billion and earned himself the nickname "The Man Who Broke the Bank of England."
That's not the only time Soros has been successful with currency speculation. He shorted the Thai baht and the Malaysian ringgit during an Asian financial crisis in 1997. More recently, he shorted the Japanese yen in 2013 and 2014 while investing in the Nikkei (the Japanese stock market). Soros profited on both fronts, with the yen dropping while the Japanese market went on a short bull run.
Soros Fund Management became a family office in 2011 due to impending hedge fund regulations. Soros also closed Quantum Fund to outside investors at that time. Since its 1969 launch, the hedge fund had delivered annual returns of about 20%. The S&P 500 index returned about 9% per year over that same period.