Billionaire investor George Soros has decided to retire after more than four decades in the hedge fund industry.
A letter signed by Soros’ sons, Jonathan and Robert, the co-deputy chairmen of Soros Fund Management, says the firm will return money to outside investors by the end of the year but continue to manage the assets of the family, Bloomberg reports.
“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. We trust that you have felt well rewarded for your decision over time,” the letter reads.
It also explains the company is moving away from outsider investors as the Dodd-Frank Act requires hedge funds managing more than $150m (£93m) of external money to register as investment advisers with the US Securities and Exchange Commission by March 2012.
As Soros Fund Management mostly oversees the Soros’ money, the decision to become a family office was deemed to make sense. The move will see under $1 billion returned to outside investors.
Soros, who celebrates his 81st birthday next month, is well known for making $1 billion in 1992 when the Bank of England was forced to devalue the pound.
The letter also says Keith Anderson, the chief investment officer of Soros Fund Management, will retire.