Mark Schwartz will retire on Jan. 3 as CEO of Soros Fund Management, manager of the Quantum Group of hedge funds, according to a memo to shareholders from George Soros, the firm's founder. Mr. Schwartz's duties will be assumed by co-chairmen Robert Soros and Jonathan Soros as of Jan. 1., according to the memo. Mr. Schwartz joined Soros Fund Management in 2002 "as we were analyzing how to restructure our business. He helped evaluate our strategy and organization and recommended that SFM focus on its core hedge fund activities and spin off its other businesses. This restructuring will be completed early in 2005," Mr. Soros said in the memo. Prior to joining SFM, Mr. Schwartz had retired from Goldman Sachs to pursue charity interests such as land conservancy, health care and education. "With his mission at SFM accomplished, Mark will now return to his work in those areas," according to the memo.