Hero to liberals, Soros ends hedge fund career to escape regulations

[alp227]

Source: The Washington Post

George Soros, the liberal left’s most prominent billionaire donor and activist, is winding down his career as a hedge-fund manager, marking a major milestone in a financial and philanthropic career that spanned four decades.

Citing new rules that would have required it to submit to more federal oversight, Soros’s management firm said Tuesday that it plans to close its $25.5 billion funds to outside investors and become a family-only enterprise. The move raised eyebrows in financial circles because Soros was an outspoken advocate for reforming Wall Street in the wake of the financial crisis.

The change also enables Soros, who turns 81 next month, to become further involved in various philanthropic and political causes to which he has already devoted more than $7 billion, according to a person familiar with the company, who spoke on the condition of anonymity to discuss the firm’s transition.

To liberals, Soros has towered as a prominent source of financial support from a Wall Street that is often dominated by donors who lean toward conservative causes and candidates.

Read more: http://www.washingtonpost.com/business/economy/hero-to-liberals-soros-ends-hedge-fund-career-to-escape-regulations/2011/07/26/gIQApZ0hbI_story.html

[Name removed]

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[TDale313]

2. Yep. Consider the source.

[SnakeEyes]

4. So the story isn't true?

[Name removed]

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[Lucky Luciano]

3. Facts ate facts. I read the same thing on Bloomberg early this morning. nt

[dipsydoodle]

12. Yes - Bloomberg did a feature on the subject.

Link here too :

Soros to End Four-Decade Hedge-Fund Career

George Soros, the billionaire best known for breaking the Bank of England, is returning money to outside investors in his $25.5 billion firm, ending a career as hedge-fund manager that spanned more than four decades.

Soros, who turns 81 next month, will hand back the money, less than $1 billion, by the end of the year, according to two people briefed on the matter. His firm will focus on managing assets solely for Soros and his family, according to a letter to investors. Keith Anderson, 51, chief investment officer since February 2008, is leaving, said the letter, signed by Soros’s sons Jonathan and Robert, who are co-deputy chairmen.

“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,” they said in the letter. “We trust that you have felt well rewarded for your decision over time.”

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 émigré studying at the London School of Economics after World War II, according to Soros’s writings. In the last 30 years, he’s given away more than $8 billion to promote democracy, foster free speech, improve education and fight poverty around the world, he said in a recent essay.

http://www.bloomberg.com/news/2011-07-26/soros-to-end-four-decades-as-hedge-fund-leader-by-returning-investor-cash.html

Notwithstanding the fact their news coverage is reasonable they've also got

[JDPriestly]

14. May have to do with estate planning

and disposing of his responsibilities to investors as well as to avoiding filling out the forms and opening up his business to regulators. He is 81 and has expressed interest in philanthropic activities.

He may want to decide on who in his family gets what and where his money goes now before it is too late.

[Name removed]

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[earcandle]

5. Actually, maybe he is setting a new trend. More regulation is needed and scrutiny and he is just one

of the first to let go of the money making but devastating
model for revenue generation tied to air. 

Good on him.  

[DissedByBush]

7. He's going to keep doing it

Outside investors just won't be able to get in on it.

Did this to escape regulation, huh?

Regulation for thee, but not for me?

[JDPriestly]

15. He may be doing this for estate planning also.

This gives him more control over determining the succession to the top spot in his company and maybe even over selling assets or placing them in charitable trusts, etc.

[jwirr]

6. To escape regulations? Soros is just smart enough to know when

the jig is up.

[The Doctor.]

10. For anyone that hasn't figured it out yet,

This is about the end of publicly traded financial entities.

For a reason.

And thank God for it if true.

[No Elephants]

11. Don't you love how media prefer "liberal" and "conservative" to Dem and Pub?

Another media lie.

I can't think of many Dems holding office in D.C. who are liberals anymore.

[JDPriestly]

13. Do you know the year that happened?

I found it. 2011.

That might have as much to do with estate planning issues as with regulations although the new regulations would play a role.