Sunday, August 14

Soros close hedge fund to external investors

BOSTON - billionaire investor George Soros is its close almost $26 billion hedge fund to external investors, that it managed exclusively for the Soros family, is obtained according to a letter by the associated press on Tuesday.

Letter to investors in quantum of Endowment Fund, says that Soros Fund Management LLC makes the change because of the new rules, the hedge fund disclosure requirements will be expanded.

Familiar is invested to outsiders, rather than the family, according to a person with the matter around 750 million of total $25.5 billion in the Fund. The person refused be identified because he was not entitled to disclose details of the private company.

$ 750 Million is expected to be returned end of the year to external investors.

Chief Investment Officer Keith Anderson leaves as the Fund to outsiders, sons, Jonathan and Robert, the Deputy Chairman of the New Yorker, includes the letter from Soros appropriately managed companies are familial. Anderson since early 2008, Soros Fund management.

The developments of Bloomberg News were reported previously.

The Fund has given the average annual return of about 20 percent per year since its inception in 1969. Soros, now 80, amassed a fortune betting on global currency markets, including his successful 1992, speculation that the British Government would devalue the pound.

The Fund for investments from new clients outside closed in 2000, and the money that returned is from long-standing customers who invested before this amendment.

The Fund's latest move the HF comes closer by regulators face. Hedge funds are easily regulated investment pools. Investors in them are high net-worth and institutional clients such as pension funds and foundations in the first place.

The financial overhaul law Congress passed last year hedge funds, their books to open to regular inspections by the Securities and Exchange Commission requires. The funds will be also forced to announce details of their operations, finance, and investors.

To continue using money for external investors, Soros funds would be required with the SEC, register by March, said the letter.

"An unfortunate consequence of this new circumstances is, that we no longer manage the assets for anyone other than a family of client, within the meaning of the rules," said the writing on Tuesday.

Until now, the letter said, the company has managed outside investments "to other exemptions from registration, which outside shareholders, still invested their interests with those of the families investors in quantum aligned."

In the future of Soros Fund management, investment advice "just Soros family are accounts and affiliates," the letter said.

George Soros is a philanthropist who has donated more than $8 billion during his lifetime. He has become a lightning rod for conservative critics, because some of his donations causes such as climate change and legalized the recreational use of marijuana involved.

In Hungary, Soros immigrated to the United Kingdom as a teenager for survivors of the Nazi occupation of his country and later moved into the United States.

Copyright 2011 associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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