Billionaire investor George Soros is closing his hedge fund to outside investors, and plans to return US$750 million to clients.
That's according to a letter obtained by The Associated Press. The letter from Soros Fund Management to investors says the Quantum fund will limit itself to managing money for the Soros family.
The letter from Soros' sons, Jonathan and Robert, cites new hedge fund regulations as the reason for the closure to outsiders.
The company manages US$25.5 billion, with US$750 million for outside investors. The rest is managed for the Soros family by the family-run, New York-based company.
The letter also says that Soros Fund Management's chief investment officer, Keith Anderson, is leaving as the fund closes to outsiders.
The developments were reported earlier by Bloomberg News.