Zach Schreiber, Sean Cullinan and five former Duquesne Capital portfolio managers founded PointState Capital in 2010. This is really the new Duquesne Capital minus Stan Druckenmiller. Duquesne Capital returned around 30% annually since 1986. Druckenmiller invested $1 billion in the fund which started with $5 billion AUM in 2010. Sean Cullinan who was the chairman and CEO left Point State Capital in 2012 and was replaced by Zach Schreiber. Point State Capital returned 12.5% in 2012 but its AUM went down to $4.5 billion by the end of that year.