From The Financial Times:
George Soros, the billionaire hedge fund manager best known for defeating the Bank of England on “Black Wednesday” in 1992, is to close his Quantum fund to outside investors and hand back the remaining outside capital.
Blaming the requirement under new financial regulations to register next year with the Securities and Exchange Commission, the fund will continue to manage around $24.5bn of family money.
“An unfortunate consequence of these new circumstances is that we will no longer be able to manage assets for anyone other than a family client as defined under the regulations”, Jonathan and Robert Soros, his sons who are co-deputy chairmen of the fund, wrote in a letter to investors on Tuesday.
The fund is returning around $750m of capital to outside investors, according to a person familiar with the situation, and Keith Anderson, chief investment officer since 2008, is leaving to seek other opportunities.
Read the whole thing here.