George Soros Retires

George Soros Retires

George Soros 'Retires' from Managing Investors' Money

George Soros is ending his illustrious career as a hedge fund manager after four decades of managing money for investors. The eighty-one-year-old billionaire has decided to return money to outside investors as Soros Fund Management LLC transitions to a type of family office, managing money for Soros and his family. Chief investment officer Keith Anderson will be leaving the firm, according to a letter to investors.
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.  Source

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