Billionaire's Firm to Return Outside Cash, Convert to 'Family Office'; Avoiding Dodd-Frank
BY ROBERT FRANK, GREGORY ZUCKERMAN AND STEVE EDER
George Soros is turning his legendary hedge-fund firm into a $24.5 billion "family office," a move that allows it to avoid a new level of regulatory oversight facing many hedge funds.
Mr.
Soros helped pioneer the modern hedge fund and became one of the world's
best known investors. His firm, Soros Fund Management LLC, told clients
it will no longer manage outside investors' money. It will return less
than $1 billion to investors and manage the remaining approximately
$24.5 billion—including funds owned by Mr. Soros, his family and their
foundations—through a family office.
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