Soros Fund Management is dead!!The man who broke the Bank of England has decided to devote himself to managing her fortune. A new regulation is the cause of this choice, according to a letter from his son.
One of the most famous investor in the world, George Soros, would consider ending his career, according to U.S. media. The man known to have broken the bank of England has decided to reimburse its customers and to close its investment funds, the Soros Fund Management, reported Bloomberg.
American billionaire who made his fortune thanks to paris on the currency return and almost a billion dollars to its customers before the end of the year, the agency information. The businessman who opened a new chapter in the history of finance by creating, in the 1970s, hedge funds, "hedge funds", intends to concentrate solely on the management of his fortune and that of his family.
In a letter to customers of the fund and published on the website of the New York Times, Jonathan and Robert Soros, son of the two investors 81 years old, "thank those who have chosen to invest their money in the fund Soros Fund Management for almost 40 years. " Both co-presidents of the American company, they explain the withdrawal of their father by the new regulatory environment "that can no longer manage assets for anyone other than client family." According to Soros the brothers to continue investing for others, the fund was forced to be registered with the Securities and Exchange Commission (SEC) before March 2012.
Billion, the 26 managed by the fund, does not belong to the family
However, the Soros Fund Management manages funds primarily the fortunes of the family since 2000. Of the $ 26 billion managed by the fund, only $ 1 billion would come from the outside. Managers feel as it is more appropriate to handle only the wealth of the family.
Besides his talents as a manager, George Soros is also known for his philanthropy. In thirty years, man has spent nearly $ 8 billion for the defense of democracy, freedom of speech, improving educational systems and to combat poverty around the world.