Billionaire George Soros is ending a 40-year career of investing other people’s money.
Bloomberg reports that Soros is returning investor funds, which total less than $1 billion, before a new SEC regulation takes effect in March 2012, requiring greater transparency from hedge funds with more than $150 million.
His firm, Soros Fund Management, invests $25.5 billion, but most of it is Soros family and foundation money, Bloomberg’s Katherine Burton reports.
The step also reflects Soros’ personal journey from aggressive speculator to global philanthropist and philosopher.
His liberal politics have made him a darling of the left and scourge of the right. (Soros’s page is consistently one of the most viewed on Muckety.)
As he wrote in an essay published last month in The New York Review of Books, his wealth has given him an ability to give away billions and speak out on controversial issues.
“Taking such positions has itself been a source of satisfaction,” he wrote. “In short, my philanthropy has made me happy.”