One of the world's most famous hedge fund managers is closing up shop and returning money to outside investors, Bloomberg reports. George Soros, the billionaire who "broke the Bank of England" and pivoted to become one of the most well-known philanthropists, sent a letter to investors yesterday saying he'll be returning their money by year's end to focus on his family's private portfolio. "The move completes Soros's transformation from a speculator, who in 1992 made $1 billion betting that the Bank of England would be forced to devalue the pound, to philanthropist statesman, a role he first imagined for himself as a Hungarian emigre studying at the London School of Economics after World War II," reports Bloomberg.
The decision was spurred on by new regulations that "would've forced the hedgie to register with the Securities and Exchange Commission by March 2012, investors were told." The letter, signed by Soros sons Jonathan and Robert, reads: "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. We trust that you have felt well rewarded for your decision over time," reports Barron's. According to The New York Times, the move is largely symbolic: "Of the roughly $26 billion the fund runs, less than $1 billion belongs to outside investors."