Soros Calls It A Day, Will Return Money To Investors (AAPL, C, DHR, WFC, WFT, EM, MON, TEVA)
Legendary investor George Soros is hanging up his hedge fund spikes, ending an illustrious career that has lasted over four decades. Soros’ $25.5 billion firm will return less than $1 billion to outside investors by the end of this year and then focus on managing assets for Soros and his family, Bloomberg News reported, citing sources with knowledge of the matter. Soros made the announcement in a letter to investors.
Soros’ firm, Soros Fund Management, would have been required to register with the SEC in 2012 due to new financial regulations and that prompted his sons to make the decision to stop managing outside money, according to Bloomberg. At the end of the first quarter, the firm held equity stakes in Apple (AAPL), Citigroup (C), Danaher (DHR), Wells Fargo (WFC) and Weatherford International (WFT), among others.
Hedge funds with more than $150 million in assets must register with the SEC and that makes them subject to periodic inspections, in addition to having to share information with the government about staff and investors.
Soros’ flagship Quantum Endowment Fund has returned an average of 20% per year since its predecessor was formed in 1969, but has struggled thus far in 2011 and was down 6% through the first half of the year, according to Bloomberg. Soros, 80, started his own firm in 1973 and became famous for making and profiting from massive bets against currencies such as the British pound and later, the Thai baht.
These days, Soros is known almost as much for his philanthropic endeavors as he is for his outspoken tone on global macroeconomic issues, such as Europe’s sovereign debt woes. The firm also held stakes in Emdeon (EM), Monsanto Company (MON) and Teva Pharmaceutical (TEVA) at the end of the first quarter.
If you want to see how your performance stacks up against Soros’ or just view some of the firm’s top holdings, visit tickerspy.com to view the firm’s latest disclosed holdings and a chart of their combined performance.
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