One of the world’s best known investors, billionaire George Soros, is getting out of the hedge fund business after 40 years, saying it is now too heavily regulated for his taste.
The 81-year-old is not entirely hanging up his calculator. He will continue to invest for his own benefit but will return all outside investors’ cash.
Having made billions, Soros has given away millions to support left-wing causes.
In a letter to investors, his two sons cited impending industry regulation as a reason for returning the money the fund still oversaw for outsiders, which is a relatively small percentage of the roughly $25 billion Soros has invested.
While Soros’ decision to return money sounds dramatic, the move may be more symbolic than disruptive. Soros has effectively been managing mostly family money since reorganising his fund over a decade ago after heavy losses.
His most famous investment was in 1992 when he bet the value of the British pound would fall and ended up making $1.1 billion.