End Of An Era: Soros Ends Hedge Fund Career

George Soros is returning outside money from his hedge fund Soros Fund Management LLC and is ending his career as a hedge fund manager, writes

Soros, who is well known for making a $1 billion bet that the Bank of England would devalue the pound, will return less than $1 billion of the $25.5 billion in the fund, with the rest of the money behind his own. Soros Fund Management will continue to manage Soros' assets and his family's assets, according to a letter to investors. The firm's chief investment officer, Keithe Anderson, is leaving the firm. “We wish to express our gratitude to those who chose to invest their capital with Soros Fund Management LLC over the last nearly 40 years,” the letter said. “We trust that you have felt well rewarded for your decision over time.” In the last 30 years, Soros has given away more than $8 billion to multiple causes, including promoting democracy, fostering free speech, improving education and fighting poverty around the world. Soros's sons, Jonathan and Robert, who wrote the letter, said the decision to return outside money was done because the firm would have to register with the SEC by March 2012 if it managed outside funds due to new regulations. “We have relied until now on other exemptions from registration which allowed outside shareholders whose interests aligned with those of the family investors to remain invested in Quantum,” the letter said, regarding the firm's Quantum Endowment Fund. “As those other exemptions are no longer available under the new regulations, Soros Fund Management will now complete the transition to a family office that it began eleven years ago.”