George Soros Hedge Fund NotesThe following piece on George Soros is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
Resource #1: (4.1.09) Billionaire investor George Soros’s Soros Fund Management LLC was fined 489 million forint ($2.2 million) for attempting to manipulate the share price of OTP Bank Nyrt., Hungary’s largest bank, the country’s financial regulator said.
The Soros fund attempted on Oct. 9 to “send out false or misleading signals about a security’s supply and demand or its share price” and short sold OTP shares, the regulator, known as PSZAF, said in a statement late yesterday. The short selling caused the shares to drop 14 percent in the final 30 minutes of trade, the regulator said. source
Resource #2: (10.28.08) Billionaire U.S. investor George Soros expects the global financial crisis to reduce the hedge fund industry to as little as one-third of its current size, he said on Tuesday.
"The hedge fund industry is going to move through a shakeout," Soros said in a speech at the Massachusetts Institute of Technology in Cambridge, Massachusetts. "In my estimation (the industry) will be reduced in size by anywhere between half and two thirds." Source
Resource #3: Billionaire George Soros's hedge fund may have lost at least $120 million on its stake in Lehman Brothers Holdings Inc., mostly acquired in the second quarter, as the investment bank suffered its worst financial result.
Soros Fund Management LLC, which manages $20 billion, purchased 9.47 million shares, or about 1.4 percent of New York- based Lehman, between March 31 and June 30, according to a filing with the Securities and Exchange Commission. The losses could be as high as $380 million, depending on when New York-based Soros purchased the stake and if he still owns the shares.
AllianceBernstein LP, Wellington Management Co. and Janus Capital Group Inc. also bought Lehman shares in the second quarter. Lehman today reported a $3.9 billion third-quarter loss, the biggest in its 158-year history, and said it will sell a majority stake in its asset-management unit, spin off commercial real-estate holdings and cut its dividend.
``There was a belief that Lehman was too big to fail,'' Geoff Bobroff, an investment-industry consultant in East Greenwich, Rhode Island, said of the reason investors may have bought the stock. ``They may still be rewarded if a buyer surfaces who will pay more per share than what they paid.'' more......