George Soros Is Closing His Hedge Fund

One of the world's most famous hedge fund managers is closing up shop and returning money to outside investors, Bloomberg reports. George Soros, the billionaire who "broke the Bank of England" and pivoted to become one of the most well-known philanthropists, sent a letter to investors yesterday saying he'll be returning their money by year's end to focus on his family's private portfolio. "The move completes Soros's transformation from a speculator, who in 1992 made $1 billion betting that the Bank of England would be forced to devalue the pound, to philanthropist statesman, a role he first imagined for himself as a Hungarian emigre studying at the London School of Economics after World War II,"  reports Bloomberg.

The decision was spurred on by new regulations that "would've forced the hedgie to register with the Securities and Exchange Commission by March 2012, investors were told."

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