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George Soros and sons close public hedge fund
Business digest: Investor who made $1.1bn from Black Wednesday retires due to US regulations
George Soros and his sons Jonathan and Robert have been forced to close their hedge fund, Soros Fund Management, after almost 40 years due to regulatory changes in the United States.
Soros Snr, originally a Hungarian immigrant, started one of the world's most successful hedge funds, Quantum, back in 1973. He is notorious for betting against the British pound on Black Wednesday in 1992, a move which made him $1.1bn.
Following the dotcom crash in 2000, the fund was shrunk and partially converted into a family office.
Now that certain exemptions "are no longer available", Jonathan and Robert explained in a letter, "SFM will complete the transition to a family office that it began 11 years ago". A further $1bn is expected to be returned to outside investors by the end of the year.
Read a full report at the Daily Telegraph. ·
