Soros to retire as hedge fund manager

However,an estimated investment portfolio worth about USD 25 billion of his family would continue to be managed by the legendary investor.

The investors have been informed about the decision through a letter sent by Soros Fund Management LLC,which currently manages about USD 26 billion,which majorily comprises of his family’s investments.

Soros’ firm has cited an impending regulation in the US as the reason for it deciding to stop managing outside investors’ money.

As per a proposed rule,the investment advisors managing funds in excess of USD 150 million would come under direct regulation of US market regulator SEC,with the exception of family office ventures.

Accordingly,Soros’ fund has decided to continue as a family office only and not as a hedge fund manager for outside investors.

The fund has been managing investments for more than 40 years now and is said to have delivered an average return of over 20 per cent every year. However,the fund’s performance has not been encouraging in recent past with the average return of about 6 per cent in negative so far this year.

Soros has been gradually cutting down on his fund’s business of managing funds for outside investors,mostly high

networth individuals,for past few years. Some of the major companies where Soros has invested,include Citigroup,Wells Fargo and Monsanto. In India,he last year acquire a stake in the country’s leading bourse BSE,while he has also invested in companies like SKS Microfinance,Reliance Capital,Future Capital,GVK

Power and Infrastructure,Indiabulls Real Estate and Indiabulls Financial Services in the past.

However,he might have exited many of these investments. His other past investments in India,include Reliance Infrastructure,JSW Holdings,Dish TV,Anant Raj Industries,Gujarat Ambuja Exports Ltd and Karuturi Global.