George Soros, the billionaire best known for breaking the Bank of England, is returning money to outside investors in his $25.5 billion firm, ending a career as hedge-fund manager that spanned more than four decades.
Soros, who turns 81 next month, will hand back the money, less than $1 billion, by the end of the year, according to two people briefed on the matter. His firm will focus on managing assets solely for Soros and his family, according to a letter to investors.
Keith Anderson, 51, chief investment officer since February 2008, is leaving, said the letter, signed by Soros’ sons Jonathan and Robert, who are co-deputy chairmen.
Soros’ sons said the decision came because financial regulations would have made it necessary for the firm to register with the Securities and Exchange Commission by March 2012 if it continued to manage money for outsiders.
