Hedge fund manager George Soros is returning capital to outsiders, choosing instead to invest his billions only for himself at a time when new regulations threaten to crimp how these funds may operate, Bloomberg Television reported.
The octogenarian fund manager will end his nearly four-decades long run as one of the world's most storied hedge fund managers by becoming a family office, the report said. His chief investment officer, Keith Anderson, will leave. New regulations were cited as pushing Soros to take his decision.
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A Soros spokesman did not immediately return a call seeking comment.
Many wealthy and well-established fund managers, including Carl Icahn and Soros' former deputy Stanley Druckenmiller, are deciding that managing money for others may create more headaches than necessary.
Fresh financial regulations will force formerly loosely regulated hedge funds to register with the U.S. Securities and Exchange Commission and provide far greater details about how they operate and make money than ever before.