Tuesday's Headlines: Soros closes fund to outside investors
George Soros, one of the first hedge fund managers and perhaps the world's most famous, has announced he is closing his fund to outside investors, Reuters reports. He will return assets currently under management to his clients and will focus on managing his family money.
Best known for a daring, successful market bet against the Bank of England in the 1990s, and for his extensive philanthropic efforts, Soros says he is closing his fund as increased regulation makes it more difficult for hedge fund managers to operate.
"Under the new Dodd-Frank Act, hedge funds will be forced to register with financial regulators, giving the Securities and Exchange Commission fresh insight into exactly how these generally secretive portfolios make money. But family offices are treated more leniently under the new regulations," Reuters writes.
Deutsche Bank misses estimates, confirms Jain and Fitschen as new co-CEOS. [Bloomberg]
Hedge fund manager Israel Englander may sell stake in Millenium Management. [Wall Street Journal]
Russell Investments managers start Acuitas Investments, initially to focus on micro-caps. [Biz Journals]
Bank of America plans to lay off 59 in Florida. [Sun-Sentinel]
UBS posts weak results; to cut jobs, revamp fixed income business. [DealBook]
Moore Capital former manager fined $1 million to settle metals trading charges. [Reuters]
Stifel Financial plans to buy Stone & Youngberg, acquires advisers. [Biz Journals]