Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


Soros hedge fund blames SEC for exit

Tuesday 26 July 2011 – by Jacqui Street


A major US hedge fund is closing its books to outside investors blaming new US stock exchange rules.

The Soros investment firm’s Quantum Fund will become a fully family-owned business after 40 years of trading.

The company was founded in 1969 by George Soros, who became famous for becoming a billionaire by short-selling the British pound in 1992 and is also renowned for his philanthropy.

In a letter to investors, Soros’s two sons and deputy chairmen, Jonathan and Robert, say new Securities and Exchange Commission regulations will require advisers to register by March 2012.

“We have relied until now on other exemptions from registration which allowed outside shareholders whose interests aligned with those of the family investors to remain invested in Quantum. As those other exemptions are no longer available under the new regulations, SFM will now complete the transition to a family office that it began eleven years ago.”

Related articles:
Aima: ‘No hedge funds should be Sifis’
SEC brings in hedge funds registration
Global hedge fund assets rise 13%
Soros says euro ‘flawed from inception’
Hedge funds employ ‘300,000’ people

The Soros family says the Quantum fund was repackaged in 2000 and will continue, but without outside investment.

“We will no longer be able to manage assets for anyone other than a family client as defined under the regulations.”

This year the fund was reported to have $27.9bn (€19.2bn) in assets under management and was ranked highly among international hedge funds.

The Soros’ say the company will return capital to outside investors, most likely at year end.



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV