Anyone hoping to invest with one of the world’s most iconic hedge fund managers has run out of luck. The New York Times reports that billionaire investor George Soros has decided to close his fund to outside money and invest exclusively with his own funds.
Interested parties had little real hope of investing with Soros regardless as Quantum Group of Funds, which Soros managed, held only $1 billion in outside investment. Soros has decided to return that money, however, and establish Soros Fund Management as a family money management office.
The move exempts the firm from many of the requirements imposed by the new Dodd-Frank Wall Street Reform and Consumer Protection Act, but also limits potential clients to family members. This has been a common approach among many investors with enough money to invest on their own, though The Times notes several fund managers have performed well even under greater regulatory scrutiny.
Fox News reports Senator Richard Shelby, a Republican from Alabama, has called out Soros for attempting to avoid the new hedge fund rules, particularly emphasizing his role in establishing the new rules in the first place.