Soros also slashed stakes in gold mining stocks like Kinross Gold and Novagold Holdings. Soros, and Anderson, recently unwound a huge bet on gold, selling off almost $800 million of exchange-traded funds that hold gold during the first quarter, according to a recent SEC filing. The firm is not expected to shrink in size from its roughly 100 employees and George Soros is expected to remain as active in managing money as he always has been. Soros' decision to return money sounds dramatic but the move is expected to be more symbolic than disruptive. "In this environment, we actually need more hedge fund activity: hiring people, raising capital, allocating money, and ultimately stimulating our economy," he added. "If the top money managers are closing shop because of overly onerous regulations, then this will ultimately be to the detriment of our institutional investors," said Jim Liew, who teaches finance at NYU's Stern School of Business. Earlier this year Carl Icahn did the same.įor some outsiders the trend is raising some red flags. Stanley Druckenmiller, Soros' long-time deputy who helped engineer the firm's winning bet against the British pound in 1992, returned money as did Chris Shumway, who was mentored by another industry great, Julian Robertson. Soros joins a growing list of fund managers who have recently revamped their businesses in the face of fresh regulation. "An unfortunate consequence of these new circumstances is that we will no longer be able to manage assets for anyone other than a family client as defined under the regulations," Jonathan and Robert Soros said.
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