Legendary investor George Soros is to close his hedge fund to outside investors and convert it into a family office as a result of new Securities and Exchange Commission rules.
Soros’ sons Jonathan and Robert, who are co-deputy chairmen of Soros Fund Management, said in a letter to investors that they will return money to outside investors by the end of the year.
SFM will then manage assets of the Soros family, worth around $25 billion, they said in the letter.
