Born in Budapest, Soros survived Nazi Germany-occupied Hungary and emigrated to the United Kingdom in 1947. He attended the London School of Economics, graduating with a bachelor's and eventually a master's degree in philosophy. Soros began his business career by taking various jobs at merchant banks in the United Kingdom and then the United States, before starting his first hedge fund, Double Eagle, in 1969. Profits from his first fund furnished the seed money to start Soros Fund Management, his second hedge fund, in 1970. Double Eagle was renamed to Quantum Fund and was the principal firm Soros advised. At its founding, Quantum Fund had $12 million in assets under management, and as of 2011[update] it had $25 billion, the majority of Soros's overall net worth.