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WOW. Huge news from the hedge fund world…George Soros is getting out of the hedge fund business according to Bloomberg, citing a letter to clients.
He will continue to manage and invest his own money (as a family office), but all outside investors will be getting their money back by the end of the year.
Part of it, apparently, has to do with regulations, and the need to register with the SEC.
Something to bear in mind: This is a process that’s been going on for a while, so this is just completing it.
It also helps explain (perhaps) his big move to cash recently.
And beyond that, it’s part of a big wave of retiring legends.