Soros to End Hedge Fund Career, Return Money
QBy Katherine Burton - Jul 26, 2011 6:08 AM CT inShare84More
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Soros to End Hedge-Fund Career, Return Money to Investors Dominik Asbach/laif/Redux
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.
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. Photographer: Dominik Asbach/laif/Redux
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QJuly 26 (Bloomberg) -- Robert Slater, author of "Soros: The Unauthorized Biography, The Life, Times & Trading Secrets of the World's Greatest Investor," discusses billionaire George Soros's decision to return money to outside investors in his $25.5 billion firm. Slater speaks with Betty Liu and Jon Erlichman on Bloomberg Television's "In the Loop." (Source: Bloomberg)
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 ?migr? 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.
POS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:0074
QBy Katherine Burton - Jul 26, 2011 6:08 AM CT inShare84More
Business Exchange Buzz up! Digg Print Email Enlarge image
Soros to End Hedge-Fund Career, Return Money to Investors Dominik Asbach/laif/Redux
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.
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. Photographer: Dominik Asbach/laif/Redux
Play Video
QJuly 26 (Bloomberg) -- Robert Slater, author of "Soros: The Unauthorized Biography, The Life, Times & Trading Secrets of the World's Greatest Investor," discusses billionaire George Soros's decision to return money to outside investors in his $25.5 billion firm. Slater speaks with Betty Liu and Jon Erlichman on Bloomberg Television's "In the Loop." (Source: Bloomberg)
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 ?migr? 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.
POS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:0074
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